19.02.2015 - Technical view on commodity futures
The price of gold reached the psychologically important level of 1200, and then rebounded upwards to 1220. In the near future the price decline may continue until the levels 1180-1200, around which we recommend to accumulate long positions. In case of continued growth, a buy signal will be breaking through the upper boundary of the channel and fixing above 1244. We maintain a positive outlook for the medium-term, but expect reduction of price in the near future with the first target at 1200.
Nearest resistance levels are 1220, 1244, 1256, 1280, 1300, 1330, 1350
Nearest support levels: 1200, 1180, 1140
The price of Light sweet crude oil after some consolidation near the level of 54.00, started to decline sharply and broke through the sloping support line. According to our forecasts, the price will soon reach the level of 50.00. Overcoming support at 50.00 will be the basis for further drop to 48.00 and 45.00. We maintain our medium-term negative outlook and recommend holding short positions with a stop above 54.00.
Nearest resistance levels: 53.00, 54.00, 58.50, 60.00, 64.00, 68.00, 70.00
Nearest support levels: 50.00, 48.00, 45.00, 43.00, 40.00