17.07.2015 - Technical view on commodity futures
The price of gold has overcome the level of 1150 and continued to fall within the descending channel. In case of price correction, quotes will reach the upper boundary of the channel. The signal about changing the current negative trend to positive will be breaking through the upper boundary of the channel and consolidation above the level of 1165. We expect a further decline in prices in the near future.
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 continued to decline within the downtrend and broke through the local minimum at 51.50. This fact is the basis for the further reduction of quotations to the target levels at 50.00 and 49.00. In case of resumption of growth, a buy signal will be overcoming the upper boundary of the channel and fixing the price above the local maximum at 54.00. Our medium-term outlook remains negative and we expect the fall of price in the near future.
Nearest resistance levels: 51.50, 52.00, 54.00, 55.00, 57.00, 58.00, 59.25, 60.00, 61.70
Nearest support levels: 50.00, 48.00, 47.00