12.03.2015 - Technical view on commodity futures
The price of gold continues to gradually decrease along the bottom of the descending channel. It is worth noting that quotes reached the level of 1150 and in the near future may show growth with the potential of reaching the levels of 1180, 1200 and the upper limit of the downward channel. Further fall may continue to the levels 1140 and 1100. We expect the resumption of growth of quotations in the near future, but recommend to wait for a buy signal, which will be fixing above 1200.
Nearest resistance levels: 1165, 1180, 1200, 1220, 1244, 1256, 1280, 1300, 1330, 1350
Nearest support levels: 1150, 1140, 1100
The price of Light sweet crude oil continues to fall within the local descending channel. At the moment, quotations are near the upper boundary of the channel in case of breaking through it can grow to 53.00 and 54.00. To continue the downward movement, the price must overcome the support level at 49.00. We maintain our medium-term negative outlook and recommend holding short positions with a stop above 54.00 and objectives at 45.00 and 40.00.
Nearest resistance levels: 52.00, 54.00, 58.50, 60.00, 64.00, 68.00, 70.00
Nearest support levels: 50.00, 49.00, 45.00, 43.00, 40.00