20.10.2014 - Technical view on commodity futures
The price of gold continues to move within a narrow corridor 1230-1244. For the continued growth, the price needs to gain a foothold above the level of 1244. The intersection of SMA50 and SMA200 is a confirmation of a buy signal. Fall is limited by the level of 1220. We maintain the mid-term positive outlook and recommend holding long positions with the targets of 1265, 1290 and 1330.
Nearest resistance levels: 1244, 1252, 1265, 1278, 1290, 1300
Nearest support levels: 1230, 1220, 1200, 1180
The price of Light sweet crude oil after leaving the descending channel is consolidating above 82.00. In the near future quotations may continue the downward movement and achieve important mark of 80.00. In case of growth, the signal to close short positions will be the increase of price above the level of 85.50. We expect further price decline with the objectives near 77.00 and 75.00, but note the reduction potential for price decline.
Nearest resistance levels: 84.00, 85.50, 87.00, 89.00, 90.00, 92.00, 94.20, 95.00, 95.50
Nearest support levels: 80.00, 77.00, 75.00