19.10.2016 - Technical view on commodity futures
The price of gold continued consolidation around the level of 1260 and in case of resumption of the negative dynamics can reach the support at 1244. Overcoming this level of support will be the basis for the continuation of the negative dynamics of price to 1220 and 1200. On the other hand, a buy signal will be the price fixing beyond the downward channel. Our medium-term outlook remains positive, and we expect the resumption of growth in the near future.
Nearest resistance levels: 1280, 1300, 1315, 1330, 1356, 1375, 1400, 1430, 1450
Nearest levels of support: 1244, 1220, 1200, 1190, 1165, 1150
The price of Light sweet crude oil continues to consolidate around the level of 50.60 and for continuation of growth quotations need to overcome the resistance level at 52.00 and the target in this case will be 54.00. A more likely scenario, according to our forecasts will be fixation of quotations below 49.60, which will confirm the signal to sell with the targets at 47.00 and 45.00. Our medium-term outlook remains negative and we look forward to the beginning of the decline in the near future.
Nearest resistance levels: 52,00, 54,00
Nearest support levels: 50,60, 48,50, 47,00, 45,00, 43,00, 42,00, 40,00, 37,30, 36,00, 35,00