15.10.2014 - Technical view on commodity futures

The price of gold could not reach the level of 1240 and started to correct downwards. Within the correction, the price has broken through the lower boundary of the rising channel and is now consolidating around the level of 1225. In case of further decline, the price can reach 1220. Stop should be set below 1200. We expect the resumption of growth of quotations of gold in the near future, recommend to hold long positions and maintain a medium-term negative outlook.

Nearest resistance levels: 1230, 1240, 1244, 1252, 1265, 1278, 1290, 1300

Nearest support levels: 1220, 1200, 1180

The price of Light sweet crude oil after reaching the upper limit of the descending channel started to decline sharply and has broken through the level of 82.00. We expect that in the near future quotes will continue downward movement to the level of 80.00. Growth is limited by the upper boundary of the channel. We recommend holding short positions with a stop above 85.50 and 80.00 and 77.00 objectives of. Our medium-term outlook remains negative.

Nearest resistance levels: 82.50, 85.50, 87.00, 89.00, 90.00, 92.00, 94.20, 95.00, 95.50

Nearest support levels: 80.00, 77.00

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