20.01.2015 - Technical view on commodity futures

The price of gold after consolidation near the level of 1278, continued the upward movement and hit its target level at 1290. In case of continued growth, the price will reach 1300. In case of correction, quotations may fall to the level of 1265. We expect further growth of prices in the medium term and recommend holding long position with the objectives of 1300, 1330 and 1350.

Nearest resistance levels: 1300, 1330, 1350

Nearest support levels: 1,290, 1,278, 1,265, 1,252, 1,244, 1,227, 1200, 1180, 1170, 1140

The price of Light sweet crude oil after some consolidation under the lower limit of descending channel has broken through the local support line and tries to continue the downward movement within the downward channel. According to our estimates the price will continue to fall with the closest target at 45.00, and then may continue to fall to 40.00. We maintain our medium-term negative outlook and recommend holding short positions with a stop above 54.00.

Nearest resistance levels: 47.50, 50.00, 52.00, 54.00, 58.50, 60.00

Nearest support levels: 46.00, 45.00, 42.00, 40.00, 35.00

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