19.03.2015 - Technical view on commodity futures
The price of gold after a long consolidation around the level of 1150, resumed growth within the channel and at the moment is around the level of 1170. Further growth of prices is limited by the upper limit of the downward channel. Buy signal in the case of breaking the upper boundary of the channel will be fixing the price above the level of 1200. In the near future, the fall can be resumed with the first target at 1150, after which the quotations may reach the level of 1140. We maintain our positive outlook for the medium-term, but we expect the fall in the near future.
The nearest resistance levels: 1170, 1180, 1200, 1220, 1244, 1256, 1280, 1300, 1330
The next support levels: 1150, 1140, 1100
The price of Light sweet crude oil reached the level of 44.00 and rebounded upwards. At the moment, quotes resumed the fall after could not overcome the upper limit of the downward channel. We recommend holding short positions and maintain a medium-term negative outlook with the target at 40.00 and stop above 54.00.
Nearest resistance levels: 47.00, 49.00, 50.00, 52.00, 54.00, 58.50, 60.00, 64.00
Nearest support levels: 45.00, 44.00, 43.00, 40.00