14.11.2014 - Technical view on commodity futures

The price of gold after consolidation near the level of 1160 has started to decline and reached the level of 1150. In case of further decline the immediate targets remain at 1140 1120 and 1100. The signal of changing the downtrend will be fixing the price above the level of 1180. In such a case we recommend to open long positions with the first goal near 1220. We expect a fall in the near future, but keep medium-term positive 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 after a long consolidation above 76.70, has broken through this mark and began to fall sharply. Now quotations reached the lower limit of the local downward channel and can rebound upwards. Currently, the growth is only possible within the correction. We see no reason for changing the downward trend and recommend holding short positions. Our medium-term outlook remains negative.

Nearest resistance levels: 76.70, 79.40, 80.00, 84.00, 85.50, 87.00, 89.00, 90.00, 92.00

Nearest support levels: 72.00, 70.00

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