23.02.2015 - Technical view on commodity futures

The price of gold continues to fall within the local descending channel and currently is trying to overcome the psychologically important level of 1200. In case of breaking of this level, we expect a further fall of the price with the target at 1180. According to our estimates the purchases may be resumed in the range of 1180-1200. In case of resumption of growth, a buy signal will be breaking through the upper boundary of the descending channel and fixing above 1220. We keep positive medium-term outlook, but recommend holding short positions in the near future.

Nearest resistance levels are 1220, 1244, 1256, 1280, 1300, 1330, 1350

Nearest support levels: 1200, 1180, 1140

The price of Light sweet crude oil declines after the price fixing under the lower boundary of the triangle. In the near future quotations will reach an important level of 50.00, a breaking of which will be the basis for further price decline to 48.00 and 45.00. In case of a rebound, quotes will rise to 53.00, after which they may continue to rise to 54.00. We keep medium-term negative outlook with the target at 45.00 and recommend holding short positions.

Nearest resistance levels: 53.00, 54.00, 58.50, 60.00, 64.00, 68.00, 70.00

Nearest support levels: 50.00, 48.00, 45.00, 43.00, 40.00

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