16.07.2015 - Technical view on commodity futures

The price of gold continued to decline within the descending channel and reached the target level at 1143. If the price will fix below the level 1150, we expect a further drop in prices in a downward channel to the level of 1100. In case of breaking through the upper boundary of the channel, the confirmation of a buy signal will be fixing the price above the level local maximum at 1165. We expect price decline in the near future, but expect the resumption of growth in the medium term.

Nearest resistance levels: 1150, 1165, 1195, 1205, 1215, 1230, 1244, 1256, 1280, 1300

Nearest support levels: 1143, 1100

The price of Light sweet crude oil dropped to the support level at 51.50 and rebounded upwards and soon will reach the upper limit of the downward channel. To continue the growth of the price needs to overcome the limit of the channel and to gain a foothold above the important resistance level at 54.00. In this case, the quotations will rise to 57.00. The fall of price may continue in the near future to the target levels at 49.00 and 47.00. Our medium-term outlook remains negative, but the potential of falling has reduced.

Nearest resistance levels: 54.00, 55.00, 57.00, 58.00, 59.25, 60.00, 61.70, 62.70

Nearest support levels: 52.00, 51.50, 50.00, 48.00, 47.00

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