12.12.2014 - Technical view on commodity futures
The price of gold continues to consolidate near the level of 1220 after it was unable to overcome the upper boundary of the rising channel. According to our estimates, quotations may be reduced to the level of 1200 and the bottom of the channel. We continue to recommend holding long positions and maintain a medium-term positive outlook for gold with the closest targets at 1244 and 1252.
Nearest resistance levels: 1230, 1244, 1252, 1265, 1278, 1290
Nearest support levels: 1220, 1210, 1180, 1140, 1120, 1100
The price of Light sweet crude oil reached the target level of 60.00 and currently is trying to fix below this level. In case of correction, the price may rise to the level of 64.00. We recommend holding short positions with a stop above 64.00 and expect continued downward movement with the targets at 56,00-57,00. We maintain our medium-term negative outlook on oil.
Nearest resistance levels: 60.00, 64.00, 68.00, 70.00, 72.00, 74.00, 76.00, 76.70, 79.40
Nearest support levels: 57.00, 54.00