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23.11.2016 - Technical view on commodity futures

The price of gold continues to consolidate within the range 1205-1220. In order to continue the negative dynamics quotations need to overcome the psychologically important support level at 1200. In case of success, next targets will be in 1190 and 1165. On the other hand, after a sharp decline of previous weeks, the price of gold has considerable potential for upward correction. Our medium-term outlook remains positive with the targets at 1400 and above, and we expect the resumption of growth in the coming weeks.

Nearest resistance levels: 1220, 1244, 1260, 1280, 1300, 1315, 1330, 1356, 1375, 1400

Nearest levels of support: 1200, 1190, 1165, 1150

The price of Light sweet crude oil has not reached the resistance level at 49.60 and started the correction in the descending channel. In case of continued negative dynamics and overcoming the bottom of the channel and the level of 47.00, we expect a continuation of the negative dynamics to 45.00 and 44.00. We expect volatility to be increased in the coming weeks. The growth potential is limited, and we maintain a medium-term negative outlook with the targets at 43.00 and 40.00.

Nearest resistance levels: 48,50, 49,60, 50,60, 52,00, 54,00, 58,00, 60,00

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

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The CIF license of PFX Financial Professionals Ltd has been suspended by the Cyprus Securities and Exchange Commission until the 24th of December 2016. Please click here
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