13.11.2014 - Technical view on commodity futures
The price of gold has broken through the upper limit of the local downward channel, but could not overcome an important resistance level at 1180 and now is gradually reduced along the upper boundary of the channel. Falling the price is limited by the level of 1140, but we admit the possibility of a decline to 1100-1120 in the nearest future. Signals to open long positions with the closest target of about 1220 will be fixing the price above 1180. We maintain a medium-term negative outlook.
Nearest resistance levels: 1180, 1200, 1220, 1230, 1244, 1252, 1265, 1278, 1290
Nearest support levels: 1140 1120 1100
The price of Light sweet crude oil decreased to a local minimum near 76.70 and continues to consolidate above this level. Given the consolidation of the price within a narrow channel, we expect strong price movement in the nearest future. For the resumption of growth the price needs to overcome the strong resistance level at 79.40. We recommend holding short positions and maintain a medium-term negative outlook.
Nearest resistance levels: 79.40, 80.00, 84.00, 85.50, 87.00, 89.00, 90.00, 92.00, 94.20
Nearest support levels: 76.70, 76.00, 75.00, 72.00, 70.00