13.07.2016 - Technical view on commodity futures

The price of gold after breaking through the lower boundary of the ascending channel and the level of 1350, dropped to support at 1330. In case of further upward price movement within the correction, we expect increase to 1350 and 1365. On the other hand, there is probability of the continuation of negative price dynamics to 1315 and 1300 in the near future. We maintain our medium-term positive outlook, but the probability of a decline in the near future is high.

Nearest resistance levels: 1350, 1365, 1400, 1430, 1450

Nearest levels of support: 1330, 1315, 1300, 1280, 1244, 1220, 1200, 1190, 1165, 1150

The price of Light sweet crude oil corrected to 47.00 after showed a sharp increase in the previous days. Further growth is limited by the resistance level at 48.50 and the upper limit of the downward channel. According to our estimates, the price fall within the descending channel will continue in the near future, and after reaching the level of 45.00 will probably drop to 43.00. Our medium-term outlook remains negative.

Nearest resistance levels: 48,50, 50,60, 52,00, 54,00, 56,00, 58,60

Nearest support levels: 47,00, 46,30, 45,00, 43,00, 40,00, 37,30, 36,00, 35,00

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