22.07.2014 - Technical view on commodity futures

The price of gold continues attempts to stabilize near the level of 1310. After a sharp increase in volatility of gold prices last week, the amplitude of price fluctuations reduced and it may soon lead to a strong price movement. Fall is limited by the level of 1300 and the bottom of the rising channel. We expect further price increase in the medium term with the objectives of in 1330, 1350 and 1365.

Nearest resistance levels: 1330, 1340, 1350, 1365

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

The price of Light sweet crude oil broke an inclined resistance line and reached the mark of 103.00. For further growth, the price must be fixed above this mark. In this case, the quotes can reach 104.00 and 105.00. In the case of reduction, the signal to open positions with the targets near 100.00 and 98.50, will be price fixing below 101.50. We are waiting for the signal to open positions and maintain a medium-term negative outlook for oil.

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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