23.11.2015 - Technical view on commodity futures

The price of gold continues to decline within the descending channel and currently came close to the local minimum and can reach the levels of 1060 and 1050 in the nearest future. In case of resumption of growth, the signal for opening long positions will be overcoming the important level of 1100. We are pessimistic about the prospects of the growth of price in the near future and expect a further drop in prices in the near future.

Nearest resistance levels: 1080, 1100, 1120, 1140, 1150, 1165, 1190, 1205, 1215, 1230

Nearest support levels: 1060, 1050, 1000

The price of Light sweet crude oil continues to decline after some consolidation near the level of 42.00. According to our estimates, the price decline will continue in the near future to the target levels at 40.00 and 38.00. In case of breaking through the level 43.00 and fixing above this mark, we expect further growth with potential of reaching the levels of 44.00 and 45.00. Our medium-term outlook remains negative and we recommend holding short positions with a stop above 43.00.

Nearest resistance levels: 42.00, 43.00, 44.00, 46.00, 47.00, 48.00, 49.65, 50.00, 51.50

Nearest support levels: 40.00, 38.00

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