14.05.2014 - Technical view on commodity futures
The price of gold has failed to overcome the psychological level of 1300, and corrected downwards. In case of resumption of growth a signal to buy will be fixing price above the level of 1 305. In such case, the targets will be the levels of 1316, 1330 and 1350. The fall is limited by the strong support level at 1278. We keep medium and long-term positive outlook for gold.
Nearest resistance levels: 1300, 1305, 1316, 1330, 1350
Nearest support levels: 1290, 1278
The price of Light sweet crude oil continued its ascending movement and reached a slant resistance line and strong level of 102.00. If the price fixates above 102.00, the growth may continue to 104.00. We expect a downward correction with the target at 101.00 and keep long-term negative outlook for oil.
Nearest resistance levels: 103.20, 104.00
Nearest support levels: 101.00, 100.00, 99.30, 98.40