21.07.2014 - Technical view on commodity futures

The price of gold continues to rise gradually and now is consolidating around the level of 1310. In case of further increase inside the rising channel, the price will reach the levels of 1330 and 1350. Fall is limited by the lower boundary of ascending channel and psychological level of 1300. We recommend holding long positions with a stop below 1290 and targets at 1330, 1350 and 1365.

Nearest resistance levels: 1330, 1340, 1350, 1365

Nearest support levels: 1310, 1300, 1290, 1278, 1265, 1252, 1244

The price of Light sweet crude oil continued to correct downwards after it was unable to overcome sloping line of resistance and the level of 103.00. Closest target in case of further reduction is 100.90. In case of growth, the signal for opening long positions will become fixing the price above the nearest local maximum of about 103.00. We maintain a medium-term negative outlook with the closest targets near 100.00 and 98.50.

Nearest resistance levels: 103.00, 103.50, 104.00, 104.60

Nearest support levels: 100.90, 100.00, 99.60, 98.50, 96.60

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