19.01.2015 - Technical view on commodity futures

The price of gold fixed above the upper boundary of the rising channel and continued to rise to the target level of 1278. At the moment, quotations are consolidated below 1280, and in the case of correction may fall to 1265. In case of overcoming 1278, we expect a further increase in prices to the psychologically important level of 1300. We maintain our medium-term positive outlook and recommend holding long positions with a stop below 1227.

Nearest resistance levels: 1278, 1290, 1300, 1330, 1350

Nearest support levels: 1265, 1252, 1244, 1227, 1200, 1180, 1170, 1140, 1120, 1100

The price of Light sweet crude oil showed the sharp rise yesterday on the background of fixing positions and broke through the psychologically important level at 50.00 but failed to gain a foothold above it. After strong growth dynamics changed and quotes returned up to the previous levels. According to our estimates the price will continue to decline in the near future and in the medium term with targets at 45.00, 42.00 and 40.00. We recommend holding short positions with a stop above 54.00.

Nearest resistance levels: 47.50, 50.00, 52.00, 54.00, 58.50, 60.00

Nearest support levels: 46.00, 45.00, 42.00, 40.00, 35.00

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