19.08.2014 - Technical view on commodity futures

The price of gold has broken through the level of 1300 and now is trying to fix below it. Further reduction is limited by the levels of support at 1290 and 1278. Today, the price volatility is likely to be low, but may rise tomorrow night and on Friday. In case of growth, the signal for opening of long positions will be fixing the price above the level of 1320. The target levels in this case will be 1350 and 1365. We maintain our positive medium-term outlook for gold.

Nearest resistance levels: 1300, 1320, 1330, 1340, 1350, 1365

Nearest support levels: 1290, 1278, 1265, 1252, 1244

The price of Light sweet crude oil renewed decline and continues to move along the bottom of the downward channel. At the moment the price is trying to fix below this limit and the level of 94.00. In case of success the closest targets will be the levels of 93.20 and 92.00. Growth is limited by the resistance levels at 95.20 and 96.00. We recommend holding short positions and maintain a medium-term negative outlook.

Nearest resistance levels: 94.00, 95.20, 96.00, 98.00, 100.00, 101.60, 103.00

Nearest support levels: 93.20, 92.00

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