20.07.2015 - Technical view on commodity futures

The price of gold has shown a sharp decline as a result of which broke through the lower boundary of the channel and reached the target level 1100, but failed to gain a foothold below it and rebounded upwards. In case of continued upward correction, quotes will rise to the level of 1130. The fall of prices in the near future is limited by the level of 1100. The volatility in the coming days will be high. We expect the resumption of growth in the medium term, but we can see a further fall in the near future.

Nearest resistance levels are 1130, 1143, 1150, 1165, 1195, 1205, 1215, 1230, 1244, 1256

Nearest support levels 1100, 1088, 1050

Forex Charting Software

The price of Light sweet crude oil is consolidating below the level of 51.50 and in the case of fixing below this mark will continue to decline to 50.00 and 48.00. According to our estimates, quotes will continue to decline within the channel in the near future. Growth of price is limited by the upper boundary of the channel, and a strong resistance level at 54.00. Our medium-term outlook remains negative and we recommend holding short positions with a stop above 54.00.

Nearest resistance levels: 51.50, 52.00, 54.00, 55.00, 57.00, 58.00, 59.25, 60.00, 61.70

Nearest support levels: 50.00, 48.00, 47.00

RISK WARNING: Trading of complex financial products, such as Stocks, Futures, Foreign Exchange ("Forex"), Contracts for Difference ("CFDs"), Indices, Options, or other financial derivatives, on "margin" carries a high level of risk, and may not be suitable for all investors. The possibility exists that you could sustain a loss of some or all of your initial investment and, therefore, you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading these markets, and seek advice from an independent financial advisor if you have any questions or doubts. Please carefully read our full "Risk Disclosure" and "Risk Disclosures for Financial Instruments & Investment Services". FXFINPRO Capital is the trading name of PFX Financial Professionals Limited, a limited liability company formed under the laws of Cyprus, registered with the Registrar of Companies in Nicosia, Cyprus, under nr. HE 237840 and regulated by the Cyprus Securities and Exchange Commission with license number 193/13.