22.07.2016 - Technical view on commodity futures

The price of gold has corrected within the local descending channel and has reached its upper limit and the resistance level at 1330, but could not continue to grow. At this point quotations resumed negative dynamics and will likely continue to decline to the nearest target at 1315 and then can be reduced to 1300. The signal of the change of the trend will be fixation of price above the level of 1330. We expect price 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 continued negative dynamics within which has broken an important the support level at 45.00. Fixation lower than this mark was the confirmation of the signal to sell with the first targets at 43.00 and 40.00. Growth is limited by the inclined resistance line. We maintain our medium-term negative outlook, and with a high probability forecast further price drop in the near future.

Nearest resistance levels: 45,00, 46,30, 47,00, 48,50, 50,60, 52,00, 54,00, 56,00, 58,60

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

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