23.07.2014 - Technical view on commodity futures

The price of gold decreased to 1305, and is approaching the lower boundary of the rising channel. Growth is limited by inclined resistance level. In case of further decline, the signal to open short positions will be below price fixing 1290. We expect the price rebound from the bottom of the channel and rise to levels 1330, 1350 and 1365. Medium-term outlook also remains positive.

Nearest resistance levels: 1330, 1340, 1350, 1365

Nearest support levels: 1300, 1290, 1278, 1265, 1252, 1244

The price of Light sweet crude oil failed to overcome the resistance at 103.00 and began to decline. If the price fixates below 101.50 will be completed "double top" pattern formation, which points to the future price decline. In such case, the target levels are 100.00 and 98.50. We maintain a medium-term negative outlook for oil.

Nearest resistance levels: 103.00, 103.50, 104.00, 104.60

Nearest support levels: 100.90, 100.00, 99.60, 98.50, 96.60

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