16.01.2015 - Technical view on commodity futures

The price of gold at the third attempt managed to overcome the resistance level at 1244 and continued growth. After reaching the next target level at 1265, quotes started to correct and can go down to the level of 1252. The next target levels after overcoming 1265 will be the levels at 1278 and 1290. We maintain our medium-term positive outlook and recommend holding long positions.

Nearest resistance levels are 1265, 1278, 1290, 1330, 1350

Nearest support levels: 1252, 1244, 1220, 1200, 1180, 1170, 1140, 1120, 1100

The price of Light sweet crude oil showed the sharp rise yesterday on the background of fixing positions and broke through the psychologically important level at 50.00 but failed to gain a foothold above it. After strong growth dynamics changed and quotes returned up to the previous levels. According to our estimates the price will continue to decline in the near future and in the medium term with targets at 45.00, 42.00 and 40.00. We recommend holding short positions with a stop above 54.00.

Nearest resistance levels: 47.50, 50.00, 52.00, 54.00, 58.50, 60.00

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

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