17.05.2016 - Technical view on commodity futures

The price of gold has not been able to gain a foothold above the level of 1280 and currently is consolidating below this level. In case of continuation of the downward dynamics quotations will return to supports at 1260 and 1244. The growth in the near future will be limited by the psychologically important level of resistance at 1300. Our medium-term outlook remains negative, but the probability of resumption of growth in the near future is high.

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 has grown to the level of 49.00 and overcome it can become the basis for the continuation of the upward price movement to the level of 50.00. In case of breaking through a local rising channel's lower border, the price will fall to 47.00. According to our estimates, the potential growth of the price has decreased significantly and in the near future is probable a decrease of prices in the near future, with the potential of reaching the levels of 45.00 and 43.00. Our medium-term outlook remains negative.

Nearest resistance levels: 49.00, 50.00, 51.50

Nearest support levels: 47.00, 46.50, 45.00, 43.00, 40.00, 37.30, 36.00, 35.00, 33.00, 31.00

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