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
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