14.04.2015 - Technical view on commodity futures
The price of gold has fixed beyond the local rising channel and continued to decline after breaking through the important level of 1200. At the moment, the quotes are located around the level of the local minimum and in the case of continuation of the downward movement, will reach the levels of 1175 and 1150. In case of growth the signal to open long positions will be fixing the price above the level of 1220. Our medium-term view on gold remains positive, but we assume the price decline in the near future.
Nearest resistance levels: 1200, 1220, 1244, 1256, 1280, 1300, 1330
Nearest support levels: 1175, 1150, 1140, 1100
The price of Light sweet crude oil is consolidated near the level of 54.00, and in the case of fixing above this level may continue the upward movement to 58.50 and 60.00. On the other hand, in the near future the quotes are likely to show a negative trend and will reach the support at 52.00, after overcoming of which the decline may continue to 48.00 and 45.00. We maintain our medium-term negative outlook and note the possibility of opening short positions with a stop above 55.00 and objectives at 45.00 and 40.00.
Nearest resistance levels: 54.00, 58.50, 60.00, 64.00
Nearest support levels: 52.00, 51.00, 50.00, 48.00, 47.00, 45.00, 44.00, 43.00, 40.00