10.11.2014 - Technical view on commodity futures

The price of gold after consolidation above the level of 1140 tried to fix below this mark, but after an unsuccessful attempt started to correct upwards and reached the upper limit of the local downward channel. Breaking through this border and fixing the price above 1170 will be the signal for the opening of long positions. We maintain a positive medium-term outlook for gold, but assume the possibility of a drop in prices to the level of 1100.

Nearest resistance levels: 1180, 1200, 1220, 1230, 1244, 1252, 1265, 1278, 1290

Nearest support levels: 1140 1120 1100

The price of Light sweet crude oil shows a gradual increase within the correction and now is clamped in a triangle. This situation indicates a high probability of a strong price movement in the coming days. Fixing the price above 79.40 will lead to an increase to the levels near 84.00. Fixing the price below 77.40 will be a signal for a further decline to the levels near 74.00. We maintain a medium-term negative outlook and recommend holding short positions on oil.

Nearest resistance levels: 79.40, 80.00, 84.00, 85.50, 87.00, 89.00, 90.00, 92.00, 94.20

Nearest support levels: 77.40, 76.00, 75.00

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