16.05.2016 - Technical view on commodity futures

The price of gold has broken the upper border of the local rising channel and reached the level of 1280. In case of continued growth the price will rise to the psychologically important mark of 1300, to overcome which will be needed a strong incentive. On the other hand, the decline currently is limited by the levels of support at 1260 and 1244. Our medium-term outlook remains negative, but the current growth can continue in the near future.

Nearest resistance levels: 1280, 1300, 1315, 1330

Nearest levels of support: 1244, 1230, 1200, 1190, 1165, 1150, 1140, 1120, 1110, 1095

The price of Light sweet crude oil after a long consolidation around the level of 47.00, continued its growth and may soon extend it to 49.00 and 50.00. In case of correction, quotations may return to the lower boundary of rising channel. After its breaking through and fixing the price below the level of 45.00, we expect a further decline with targets at 40.00 and 37.30. Our medium-term outlook remains negative.

Nearest resistance levels: 47.00, 49.00, 50.00, 51.50

Nearest support levels: 46.50, 45.00, 43.00, 40.00, 37.30, 36.00, 35.00, 33.00, 31.00, 30.00

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