21.07.2016 - Technical view on commodity futures

The price of gold rebounded from local descending channel's lower border. It is worth noting that yesterday quotations showed a sharp decline after a long consolidation, and reached next target level at 1315. In case of continuation of the current correction, quotes, will return to the level of 1230. In the near future quotations may resume decline within the descending channel and reach the psychologically important level of 1300. Our medium-term outlook remains positive, despite the expected decline in the near future.

Nearest resistance levels: 1330, 1350, 1370, 1400, 1430, 1450

Nearest levels of support: 1315, 1300, 1280, 1244, 1220, 1200, 1190, 1165, 1150

The price of Light sweet crude oil increases in the correction after again failed to overcome the support level at 45.00. In case of continued negative dynamics and fixation above the level of 46.30, we expect further growth to the upper limit of the downward channel. Our medium-term outlook remains negative and we expect negative dynamics in the near future.

Nearest resistance levels: 46,30, 47,00, 48,50, 50,60, 52,00, 54,00, 56,00, 58,60

Nearest support levels: 45,00, 43,00, 40,00, 37,30, 36,00, 35,00

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.