12.08.2014 - Technical view on commodity futures

The price of gold is consolidating below the level of 1310 after it was unable to fix above the level of 1320. Further reduction is limited by the psychologically important level of 1300 and the upper limit of the downward channel. We maintain our positive outlook for the medium-term with the objectives of 1350 and 1365.

Nearest resistance levels: 1310, 1320, 1330, 1340, 1350, 1365

Nearest support levels: 1300, 1290, 1278, 1265, 1252, 1244

The price of Light sweet crude oil after another attempt to reach and overcome the level of 98.00, dropped to 97.00, where it continues to consolidate now. In case of growth and overcoming the level of 98.00, the price can reach the mark of 100.00, and the upper limit of the downward channel. We expect continuation of falling of prices in the medium term within the descending channel. Medium-term target level is 92.00.

Nearest resistance levels: 98.00, 100.00, 101.60, 103.00, 103.50, 104.00, 104.60

Nearest support levels: 96.00, 95.20, 94.00, 92.00

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