13.10.2014 - Technical view on commodity futures

The price of gold after consolidation above 1220 reached the lower limit of the local rising channel and continued the growth. Currently quotes broke through the important level of 1230, and approached the SMA200. Fixing the price above 1230 will confirm a buy signal with the objectives of 1265, 1290 and 1330. Stop should be set below 1200. We maintain a medium-term positive outlook for gold and recommend holding long positions.

Nearest resistance levels: 1240, 1244, 1252, 1265, 1278, 1290, 1300

Nearest support levels: 1230, 1220, 1200, 1180

The price of Light sweet crude oil after a sharp drop corrected to 85.50, but was unable to continue its upward movement and returned to the levels of the local minimum near 83.00. Currently quotes continue to move downward within the local channel. Rising prices within the correction is limited by the level of 87.00. We expect a continuation of the current negative dynamics with the target 80,00 and maintain a medium-term negative outlook.

Nearest resistance levels: 85.50, 87.00, 89.00, 90.00, 92.00, 94.20, 95.00, 95.50

Nearest support levels: 82.50, 80.00

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