16.02.2015 - Technical view on commodity futures

The price of gold could not continue to decline and has overcome the support level at 1220. After several unsuccessful attempts to break through this level, the price renewed growth in the descending channel. In the near future the price of gold is likely to reach the level of resistance at 1244 fixation above which will become a signal for opening short-term long positions with the growth potential up to 1265 and 1300. In case of further fall within the channel, the price may fall to 1200 and 1180. We maintain our positive outlook for the medium-term but assume the possibility of continuing the downward price movement in the near future.

Nearest resistance levels: 1244, 1256, 1280, 1300, 1330, 1350

Nearest support levels: 1220, 1200, 1180, 1140

The price of Light sweet crude oil again reached the strong resistance level at 54.00, but could not overcome it and started to correct. In the near future the price will continue to fall to the bottom of the triangle. The breaking of given borders and fixing the price below 50.00 will be a signal to sell with the potential fall to 45.00 and 40.00. On the other hand, fixing above 54,00, will lead to continued increase up to 60.00. We maintain our medium-term negative outlook and recommend to wait for confirmation of the signal to sell.

Nearest resistance levels: 54.00, 58.50, 60.00, 64.00, 68.00, 70.00

Nearest support levels: 53.00, 50.00, 48.00, 45.00, 43.00, 40.00

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