17.02.2015 - Technical view on commodity futures

The price of gold after a slight growth and consolidation near the level of 1230, resumed its decline and approached the level of 1220. In case of overcoming this mark, quotes will continue to decline with the target at 1200 and 1180 near which we recommend to accumulate long positions. In case of resumption of growth, a buy signal will be breaking through the upper boundary of the descending channel and consolidation above the level of 1244. We maintain our positive outlook for the medium-term, but expect further price decline 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 continues to consolidate below 54.00. In case of breaking and fixing the price above this level, we expect the price growth up to 60.00. On the other hand, at the moment there is a possibility of reduction of quotations with a potential drop to 50.00, 45.00 and 40.00. According to our estimates, in the coming days, the price will continue to be consolidated within the triangle. We maintain our medium-term negative outlook on oil.

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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