22.04.2016 - Technical view on commodity futures

The price of gold after strong growth has reached the upper limit of the ascending channel and then began to decline under which returned to the level of support at 1244. A further drop in price is possible until 1230, and the lower boundary of the rising channel. Fixing of price below this level will confirm the signal to sell with potential targets at 1210, 1190 and 1165. The growth in the near future is limited by the resistance at 1280 and 1300. Our medium-term outlook remains negative and we are waiting for the price reduction in the near future.

Nearest resistance levels: 1280, 1300, 1315, 1330

Nearest levels of support: 1244, 1230, 1200, 1190, 1165, 1150, 1140, 1120, 1110, 1095, 1080

The price of Light sweet crude oil corrected down to the levels close to the support at 43.00 and the lower boundary of the local rising channel. In case of continued rising dynamics, there is a probability of reaching the levels of 45.00 and 48.00. A more likely scenario in the near future is the continuation of a negative price dynamics and short positions with the targets at 42.00 and 40.00, is worth opening after a falling below 43.00. Our forecast for the coming months remains negative.

Nearest resistance levels: 45.00, 49.00, 50.00, 51.50

Nearest support levels: 44.00, 43.00, 40.00, 37.30, 36.00, 35.00, 33.00, 31.00, 30.00, 28.00

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