12.01.2015 - Technical view on commodity futures

The price of gold reached the target level 1230, but was not able to continue the growth and began to correct down. According to our estimates, the price decline within the correction may continue until the level of 1210. In order to continue to grow with the target levels at 1244 and 1252, the price needs to gain a foothold above the level of 1230. We maintain our medium-term positive outlook and recommend holding long positions with a stop below 1170.

Nearest resistance levels: 1230, 1244, 1252, 1265, 1278, 1290

Nearest support levels: 1210, 1200, 1180, 1170, 1140, 1120, 1100

The price of Light sweet crude oil was unable to return to the descending channel and continued its decline after it could not overcome the level of 50.00. At the moment, the quotes reached its lowest level since 2009, about 47.50, the overcoming of which will be the reason for further reduction with targets at 45.00 and 40.00. Growth is limited by the level of 50.00. We recommend holding short positions and maintain a medium-term negative outlook.

Nearest resistance levels: 50.00, 52.00, 54.00, 58.50, 60.00, 64.00, 68.00, 70.00, 72.00

Nearest support levels: 47.50, 46.00, 45.00, 40.00

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