10.10.2014 - Technical view on commodity futures
The price of gold reached the level of 1230, and began to decline gradually. Currently quotes are consolidated within the corridor 1220-1230. Fixing the price above 1230 will be the confirmation of the signal for opening long positions with the targets 1265, 1290 and 1330. In the nearest future we can see a repeated decline to 1180-1200, but further drop is unlikely. We expect that the current negative trend will change to positive and maintain a medium-term positive outlook.
Nearest resistance levels: 1230, 1240, 1244, 1252, 1265, 1278, 1290, 1300
Nearest support levels: 1220, 1200, 1180
The price of Light sweet crude oil after consolidation near the lower boundary of the descending channel and the level of 87.00 continued to decline and has broken through the levels 85.00 and 84.00. Given the strong downward momentum, we expect a price drop to the psychologically important level of 80.00. In case of correction, quotes, can grow up to 86.00. We maintain a medium-term negative outlook and recommend holding short positions.
Nearest resistance levels: 85.00, 87.00, 89.00, 90.00, 92.00, 94.20, 95.00, 95.50
Nearest support levels: 82.50, 80.00