20.11.2014 - Technical view on commodity futures
The price of gold started to correct downward after it was not able to overcome the upper limit of the local rising channel. At the moment, the price reached a critical level and probably will not be able to overcome it with the first attempt. Fixing the price above the level 1180 will be a confirmation of the signal to hold long positions in gold. Falling the price is limited by the level of 1160 and the lower boundary of the channel. We maintain a medium-term positive outlook.
Nearest resistance levels: 1200, 1220, 1230, 1244, 1252, 1265, 1278, 1290
Nearest support levels: 1180, 1140, 1120, 1100
The price of Light sweet crude oil continues to consolidate above 74.00 and is moving inside the descending channel. To change the current trend price needs to break through the upper limit of the channel and to fix above 76.00 the level of. In such case, the price may rise to 80.00. We expect a continuation of the current dynamics of the price in the medium term and recommend holding short positions with the targets 72,00 and 70,00.
Nearest resistance levels: 76.00, 76.70, 79.40, 80.00, 84.00, 85.50, 87.00, 89.00, 90.00
Nearest support levels: 74.00, 72.00, 70.00