16.04.2015 - Technical view on commodity futures
The price of gold continued the growth after the rebound from the level of 1290 and at the moment is trying to gain a foothold beyond the local descending channel. For the continuation of growth the price needs to break through the resistance levels at 1210 and 1220. The fall is limited by the levels of 1180 and 1190. We maintain our positive outlook for the medium-term, but in the near future will probably see continued consolidation of price near the current levels.
Nearest resistance levels are 1220, 1244, 1256, 1280, 1300, 1330
Nearest support levels: 1200, 1190, 1180, 1150, 1140, 1100
The price of Light sweet crude oil continued to grow after overcoming the level of 55.00 and reached the upper boundary of the rising channel. According to our estimates, the growth may continue to 58.50 and 60.00, but continued upward trend is unlikely. At the moment, there is a high probability of a downward price correction to the bottom of the channel and the support levels at 55.00 and 54.00. Signal of the positive trend change will be the price fixing below 52.00. We maintain our medium-term negative outlook on oil despite the current uptrend.
Nearest resistance levels: 58.50, 60.00, 64.00
Nearest support levels: 55.00, 54.00, 52.00, 51.00, 50.00, 48.00, 47.00, 45.00, 44.00, 43.00