12.10.2016 - Technical view on commodity futures

The price of gold continues to consolidate around the level of 1260 and in the case of continuation of negative dynamics in the descending channel, the next target will be 1244. In case of correction, the quotes will return to the level of 1280, and the upper boundary of the channel. The signal about the change the current downtrend to positive will be fixation of quotations above the level of 1280. Our medium-term outlook remains positive, and after the current consolidation, we expect a strong price movement.

Nearest resistance levels: 1280, 1300, 1315, 1330, 1356, 1375, 1400, 1430, 1450

Nearest levels of support: 1244, 1220, 1200, 1190, 1165, 1150

The price of Light sweet crude oil corrected to the lower boundary of the rising channel after was unable to overcome the resistance level at 52.00. If the price fixates above the level of 52.00, the growth of quotations will continue until 54.00. On the other hand, confirmation of the signal to sell will be fixing of quotations below the level of 49.60, and in this case we expect a price drop to 47.00 and 45.00. Our medium-term outlook remains negative and we expect the beginning of price reduction in the near future.

Nearest resistance levels: 52,00, 54,00

Nearest support levels: 50,60, 48,50, 47,00, 45,00, 43,00, 42,00, 40,00, 37,30, 36,00, 35,00

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