23.08.2016 - Technical view on commodity futures

The price of gold could not overcome the important support level at 1330 and started to correct upwards. During the present rising impulse the price can grow up to 1350-1356 overcoming of which will be the basis for the continuation of the upward price movement with the potential targets at 1375 and 1400. Our medium-term outlook remains positive, but we do not exclude the fall until 1315 and 1300 in case of breaking the strong support at 1330.

Nearest resistance levels: 1356, 1375, 1400, 1430, 1450

Nearest levels of support: 1330, 1315, 1300, 1280, 1244, 1220, 1200, 1190, 1165, 1150

The price of Light sweet crude oil shows a steady decline after on the chart has formed reversal pattern - a double top. In the near future quotes will drop to 46.30 and 45.00. The growth in the near future is limited by the resistance level at 48.50. Our medium-term outlook remains negative and despite a possible rebound in the near future, we expect a strong decline in the medium term, with the objectives of 40,00 and 36,00.

Nearest resistance levels: 50,60, 52,00, 54,00

Nearest support levels: 48,50, 47,00, 46,30, 45,00, 43,00, 42,00, 40,00, 37,30, 36,00, 35,00

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