12.07.2016 - Technical view on commodity futures

The price of gold continued to consolidate above the level of 1350 and at the moment is around local ascending channel's lower border. In case of continuation of the upward movement within the channel, quotations will reach the levels 1365-1370 after which can grow up to 1400. The signal of the change of trend will be fixing of price below the level 1350 and the lower boundary of the channel. Our medium-term outlook remains negative.

Nearest resistance levels: 1365, 1400, 1430, 1450

Nearest levels of support: 1350, 1330, 1315, 1300, 1280, 1244, 1220, 1200, 1190, 1165, 1150

The price of Light sweet crude oil continued to decline and reached the support level at 45.00, but then rebounded upward. In the nearest future growth may continue until the resistance at 46.30 and its breaking through is unlikely. According to our estimates, the price decline will continue until 43.00 and 40.00 in the near future. Our medium-term outlook remains negative.

Nearest resistance levels: 46,30, 47,00, 48,50, 50,60, 52,00, 54,00, 56,00, 58,60

Nearest support levels: 45,00, 43,00, 40,00, 37,30, 36,00, 35,00

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