13.03.2015 - Technical view on commodity futures
The price of gold keeps consolidating above the level of 1150. In case of overcoming this level, quotations may continue to fall to 1140 and 1100. The signal of changing the current negative trend to positive, will be fixing the price above the level of 1200. According to our forecasts, the price decline may continue in the near future, but potential for such a movement is limited. We maintain our medium-term positive outlook for gold despite the current drop in prices.
Nearest resistance levels: 1165, 1180, 1200, 1220, 1244, 1256, 1280, 1300, 1330, 1350
Nearest support levels: 1150, 1140, 1100
The price of Light sweet crude oil continues to move within the local downward channel. If the price fixates below 49.00, we expect a further drop in prices to 47.00 and 45.00. In the case of breaking through the upper boundary of the channel, we expect growth to 53.00. According to our estimates, quotes will continue to decline in the medium term to the level of 40.00. We also recommend holding short positions with a stop above 54.00.
Nearest resistance levels: 50.00, 52.00, 54.00, 58.50, 60.00, 64.00, 68.00, 70.00
Nearest support levels: 49.00, 45.00, 43.00, 40.00