22.12.2014 - Technical view on commodity futures

The price of gold continues to consolidate near the level of 1200. At the moment, quotes have overcome the inclined resistance line and may continue its upward movement. Falling of the price is limited by the level of 1180. In case of growth, target levels will be 1244 and 1252. We recommend holding short positions and maintain a medium-term negative outlook.

Nearest resistance levels: 1215, 1230, 1244, 1252, 1265, 1278, 1290

Nearest support levels: 1180, 1140, 1120, 1100

The price of Light sweet crude oil after breaking through the inclined resistance line, fixed above it and reached the level of 58.50. Further growth is limited by the level of 60.00, a break and securing above which will be a signal for closing short positions with the potential of further increase to 64.00. According to our estimates, the price decline will resume soon. Our medium-term outlook remains negative and we recommend holding short positions.

Nearest resistance levels: 60.00, 64.00, 68.00, 70.00, 72.00, 74.00, 76.00, 76.70

Nearest support levels: 54.50, 50.00

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