23.07.2015 - Technical view on commodity futures
The price of gold is consolidated near the level of 1100. At the moment, quotations are corrected upwards but according to our estimates, the price decline may continue in the near future to the levels of 1088 and 1060. In case of continued growth, the signal for the opening short-term long positions will be fixation of quotations above 1110. Our medium-term outlook remains positive, but we are waiting for further decline in the near future.
Nearest resistance levels: 1100, 1120, 1143, 1150, 1165, 1195, 1205, 1215, 1230, 1244
Nearest support levels: 1088, 1060, 1050, 1100
The price of Light sweet crude oil was able to overcome the psychologically important level of 50.00 and continue to fall within the channel. According to our estimates, the potential for further reduction of price has fallen, but we are likely to see a further reduction of quotations to 47.00 in the near future. The signal about change of trend will be breaking through the upper boundary of the descending channel and fixing the price above the level of 51.50. Our medium-term outlook remains negative.
Nearest resistance levels: 50.00, 51.50, 52.00, 54.00, 55.00, 57.00, 58.00, 59.25, 60.00
Nearest support levels: 48.00, 47.00, 45.00