15.01.2016 - Technical view on commodity futures

The price of gold broke through the support level at 1080 and reached the bottom of the local descending channel, and then corrected upwards. During further correction, quotations may grow to 1090 and the upper limit of the downward channel. According to our forecasts, the drop in prices will continue in the near future, with the potential of reaching the levels of 1065 and 1050. Our medium-term outlook also remains negative.

Nearest resistance levels: 1090, 1100, 1120, 1140, 1150, 1165, 1190, 1205

Nearest support levels: 1080, 1065, 1050, 1040, 1000, 960

The price of Light sweet crude oil continued decline within descending channel and broke through the local minimum near 31.00 and according to our forecasts will continue to decline to 30.00 and 28.00 in the near future. Within the correction, the price may rise to 33.00. We recommend holding short position with a stop above 33.00 and maintain a medium-term negative outlook.

Nearest resistance levels:: 33.00, 35.00, 36.00, 38.00, 40.00, 40.75, 42.00, 43.65, 44.00

Nearest support levels: 30.00, 28.00, 25.00, 20.00

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