14.10.2016 - Technical view on commodity futures

The price of gold continues to consolidate below the level of 1260 and in case of resumption of negative dynamics may fall to 1244 and 1220. After a long consolidation, we expect a strong price movement. In case of correction quotations will return to the upper boundary of the descending channel and the level of 1280. According to our forecasts, the price will rise in the medium term to potential targets at 1400-1430, but we do not exclude a decline in the near future.

Nearest resistance levels: 1280, 1300, 1315, 1330, 1356, 1375, 1400, 1430, 1450

Nearest levels of support: 1244, 1220, 1200, 1190, 1165, 1150

The price of Light sweet crude oil has started growing inside the rising channel after has reached its lower boundary. In order to continue growth with the objectives at 54,00 and 55,00, quotes need to overcome the resistance at 52.00. The signal to sell in case of a change of trend, will be price fixing below the level of 49.60, and in this case, we expect a drop in prices up to 47,00 and 45,00. Our medium-term outlook remains negative, but the current growth may continue in the coming days.

Nearest resistance levels: 52,00, 54,00

Nearest support levels: 50,60, 48,50, 47,00, 45,00, 43,00, 42,00, 40,00, 37,30, 36,00, 35,00

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