17.11.2015 - Technical view on commodity futures
The price of gold continues to fall after yesterday's correction and now is trying to gain a foothold below the support level at 1080. If successful, quotes will continue to decline to 1060 and 1050. The growth in the near future is limited by the level of 1100. We expect a further fall in prices in the near future.
Nearest resistance levels: 1080, 1100, 1120, 1140, 1150, 1165, 1190, 1205, 1215, 1230
Nearest support levels: 1060, 1050, 1000
The price of Light sweet crude oil after reaching the target level of 42.00 is trying to continue fall, but at the moment quotes are outside the local downtrend channel and in the near future can continue the correction to the level of 44.00. In case of overcoming the support at 42.00, quotes will continue to decline to 40.00 and 38.00. Our medium-term outlook remains negative and we recommend holding short positions with a stop above 44.00.
Nearest resistance levels: 44.00, 46.00, 47.00, 48.00, 49.65, 50.00, 51.50, 52.00, 54.00
Nearest support levels: 42.00, 40.00, 38.00