11.11.2014 - Technical view on commodity futures
The price of gold after reaching the upper limit of the local descending channel renewed the decline. Currently quotations are consolidated near the level of 1150 and may continue to move downwards to the levels 1100-1120 near which we expect the resumption of purchases. In case of growth a buy signal will be fixing the price above the level of 1180. Our medium-term forecast remains positive, but we expect a decline of prices in the near future.
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 after consolidation within the local triangle started to decline after it failed to overcome the level of 79.40. At the moment, the price broke through the lower boundary of the triangle, and is trying to gain a foothold below the local minimum near 77.40 that will become a confirmation of further reduction of the price. We keep a medium-term negative outlook for oil and recommend holding short positions.
Nearest resistance levels: 79.40, 80.00, 84.00, 85.50, 87.00, 89.00, 90.00, 92.00, 94.20
Nearest support levels: 76.00, 75.00