19.07.2016 - Technical view on commodity futures

The price of gold continued consolidation around the level of 1330 and at the moment is around the upper limit of the downward channel. Breaking through the upper boundary of the channel and fixing above it will be the basis for continued growth of quotations with objectives of 1350 and 1370. A more likely in the near future is the continuation of negative dynamics of price with targets at 1315 and 1300. Our medium-term outlook remains positive despite the expected decline in the near future.

Nearest resistance levels: 1350, 1370, 1400, 1430, 1450

Nearest levels of support: 1330, 1315, 1300, 1280, 1244, 1220, 1200, 1190, 1165, 1150

The price of Light sweet crude oil continued to fall along the inclined line of resistance and growth in the near future is limited by the resistance levels at 46.30 and 47.00 after overcoming of which the price may reach the upper limit of the downward channel. For the continuation of negative dynamics, quotations need to overcome the support level at 45.00. Our medium-term outlook remains negative.

Nearest resistance levels: 46,30, 47,00, 48,50, 50,60, 52,00, 54,00, 56,00, 58,60

Nearest support levels: 45,00, 43,00, 40,00, 37,30, 36,00, 35,00

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