12.11.2014 - Technical view on commodity futures
The price of gold after reaching the level of 1150 started to grow and has broken through the boundary of the local downward channel. To continue the upward movement the price needs to gain a foothold above the level of 1180, that will be a signal for opening short-term long positions. In such case the closest target will be the level of 1220. According to our estimates, in the near future gold price may fall to 1100-1120, but in the medium term will resume the upward movement.
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 reaching the resistance level at 79.40 started to decline sharply and now is consolidating near the level of 77.40. In case of growth, the signal of the negative trend change will be fixation of quotations above 82.50. At this point we see a slowdown and fall of oil prices in the near future will likely continue to consolidate below 80.00. Our medium-term outlook remains negative with targets at about 75,00, 72,00 and 70,00.
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, 72.00, 70.00