16.10.2014 - Technical view on commodity futures
The price of gold reached the strong level of 1250, but was not able to overcome it and retreated to the level of 1240 near which it is currently consolidating. In case of correction, quotes can be reduced to the level of 1220. Confirmation of the trend change will be the intersection of SMA50 and SMA200. We recommend holding long positions with the targets of 1265, 1290 and 1330 and a stop below 1220. Our medium-term outlook also remains positive
Nearest resistance levels: 1244, 1252, 1265, 1278, 1290, 1300
Nearest support levels: 1220, 1200, 1180
The price of Light sweet crude oil accelerated the decline and now is consolidating near the psychologically important level of 80.00. At the moment there is a high probability of price rebound to the upper boundary the descending channel and the level of 82.00. We recommend holding short positions with a stop above 85.50 and save midterm negative outlook for of oil production.
Nearest resistance levels: 82.00, 85.50, 87.00, 89.00, 90.00, 92.00, 94.20, 95.00, 95.50
Nearest support levels: 77.00, 75.00