23.05.2016 - Technical view on commodity futures

The price of gold after reaching the support level at 1244 stopped falling and currently keeps moving along the rising channel's lower border. In case of continued growth within the channel, quotations will reach levels of 1260 and 1280. The signal to sell will be fixing the price below the level of 1244. In this case, the target levels will be in 1230 and 1200. Our medium-term outlook remains negative, but in the near future we can see the growth which will be limited by the psychologically important resistance level 1300.

Nearest resistance levels: 1280, 1300, 1315, 1330

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

The price of Light sweet crude oil again failed to gain a foothold above the level of 49.00 and continue rising to 50.00. Currently quotations are corrected downwards, and will probably reach the lower boundary of the rising channel and the support level at 47.00. In case of further fall of price and fixing below this level, we recommend to open short positions with potential targets at 45.00, 43.00 and 40.00. Our forecast for next week remains negative, despite the possibility of short-term growth to 50.00.

Nearest resistance levels: 49.00, 50.00, 51.50

Nearest support levels: 47.00, 46.50, 45.00, 43.00, 40.00, 37.30, 36.00, 35.00, 33.00, 31.00

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