18.02.2015 - Technical view on commodity futures
The price of gold broke through the strong level of 1220 and continued to fall. At the moment, quotations are consolidated near the level of 1210 after it failed to break through the lower boundary of the channel. According to our forecasts drop in prices will continue in the near future. In this case, quotations will continue to fall to 1200 and 1180. For the resumption of growth the price needs to break through the upper limit of the channel and to gain a foothold above 1244. We expect the price growth in the medium term, but expect a further decline in the near future.
Nearest resistance levels are 1220, 1244, 1256, 1280, 1300, 1330, 1350
Nearest support levels: 1200, 1180, 1140
The price of Light sweet crude oil is trying to break through an important resistance level at 54.00. In case of success and fixing the price above this mark, we expect rise to 60.00 and recommend to open short-term long positions. Despite the growth opportunity, the more likely is the reduction of the price after fixing outside the triangle. A signal to sell will be fixing below 52.00. We maintain our medium-term negative outlook.
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