10.09.2014 - Technical view on commodity futures

The price of gold broke the lower limit of the downward channel and continues to consolidate below it. It is worth noting that the price could not be fixed below the level of strong 1252, but in the case of further decline is likely to reach the next target of 1244. The growth is limited by the level of resistance 1278 and the upper boundary of the local downward channel. We expect further price decline in the near future, but keep medium-term positive outlook.

Nearest resistance levels: 1265, 1278, 1290, 1300, 1320, 1330, 1340, 1350, 1365

Nearest support levels: 1252, 1244

The price of Light sweet crude oil continues to consolidate near the important level of 92.00. Further reduction in the downward channel is likely to continue until 90.00. In case of change of mood of investors and the price rise, the closest target level will be 94.00. We maintain a medium-term negative outlook and recommend holding short positions with a stop above 94.00.

Nearest resistance levels: 92.50, 94.00, 95.00, 95.50, 96.00, 98.00, 100.00, 101.60, 103.00

Nearest support levels: 92.00, 91.60, 91.00, 90.00

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