23.12.2014 - Technical view on commodity futures
The price of gold declined sharply and broke through the level of 1180, which was the signal for closing long positions. At the moment, quotations pushed off the level of 1170 and the lower limit of the local downtrend channel. Growth of price in the near future is limited by the level of 1190 and the top edge of the channel. In case of breaking through the upper boundary of the channel and fixing the price above 1200, we recommend reopening long positions in gold. Our medium-term outlook remains positive, despite the possible reduction in of price to 1150 in the near future.
Nearest resistance levels: 1200, 1215, 1230, 1244, 1252, 1265, 1278, 1290
Nearest support levels: 1180, 1140, 1120, 1100
The price of Light sweet crude oil showed a strong decline yesterday after failed to continue to grow after reaching the levels of 58.50. According to our forecasts in the near future quotations will return to the level of 54.00. The price Growth in the near future is limited by a strong resistance level at 60.00. We maintain our medium-term negative view on oil and recommend holding short positions.
Nearest resistance levels: 58.50, 60.00, 64.00, 68.00, 70.00, 72.00, 74.00, 76.00, 76.70
Nearest support levels: 54.00, 50.00