15.01.2015 - Technical view on commodity futures

The price of gold once again has reached the level of resistance at 1244, but could not overcome it and retreated to the bottom of the channel. To continue the growth of quotations with the objectives of 1252, 1265 and 1278, the price must be fixed above the levels of 1244. The fall is limited by 1220 and 1200. We expect a further increase in gold prices in the medium term and recommend holding long positions with a stop below 1170.

Nearest resistance levels: 1244, 1252, 1265, 1278, 1290

Nearest support levels: 1220, 1200, 1180, 1170, 1140, 1120, 1100

The price of Light sweet crude oil has broken the upper limit of the downward channel and reached the psychologically important level of 50.00, but could not overcome it and resumed falling. According to our forecasts the price decline will continue in the near future with the first goal at 45.00, after which the price can reach $ 40.00. Our medium-term outlook remains negative and we recommend holding short positions on oil.

Nearest resistance levels: 50.00, 52.00, 54.00, 58.50, 60.00

Nearest support levels: 47.50, 46.00, 45.00, 42.00, 40.00, 35.00

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