18.08.2014 - Technical view on commodity futures
The price of gold after a long consolidation near the level of 1310, has fallen sharply and now is moving near the psychologically important mark of 1300. Further decrease is limited by the levels of support at 1290 and 1278. In the case of the resumption of growth, a signal to open positions will be fixing the price above 1320. We maintain our positive medium-term outlook for gold but recommend to wait for a signal to buy.
Nearest resistance levels: 1320, 1330, 1340, 1350, 1365
Nearest support levels: 1300, 1290, 1278, 1265, 1252, 1244
The price of Light sweet crude oil failed to gain a foothold outside of the downtrend channel and returned to its frames. In case of further correction, quotations may reach the level of 96.00. With a further decrease within the channel, the closest target will be the level of 94.00. We expect continued downward movement of the prices in the medium term with a target at 92.00.
Nearest resistance levels: 95.20, 96.00, 98.00, 100.00, 101.60, 103.00, 103.50
Nearest support levels: 94.00, 92.00