17.10.2014 - Technical view on commodity futures
The price of gold continues to consolidate below the strong level of 1244. Growth of quotations stopped after breaking through the lower boundary of the local rising channel. In case of correction, the price may fall to 1220. We recommend holding long positions with the targets of 1265, 1290 and 1330 and expect the increase to accelerate after fixing the price above 1244. Our medium-term outlook for gold remains positive.
Nearest resistance levels: 1244, 1252, 1265, 1278, 1290, 1300
Nearest support levels: 1220, 1200, 1180
The price of Light sweet crude oil after consolidation near the important level of 80.00, corrected to the upper boundary of the channel and the level of 82.00. Further correction is possible to the level of 84.00. In case of further growth, the signal to close positions will be fixing the price above 85.50. We expect further price decline, but we recommend to fix some positions near the level of 80.00. We also maintain a medium-term negative outlook.
Nearest resistance levels: 82.00, 85.50, 87.00, 89.00, 90.00, 92.00, 94.20, 95.00, 95.50
Nearest support levels: 80.00, 77.00, 75.00