24.02.2015 - Technical view on commodity futures
The price of gold failed to gain a foothold below the level of 1200 and now is consolidating near this psychologically important mark. Further reduction may continue until 1180. We expect the resumption of purchases in the range of 1180-1200. In case of change of the negative trend to positive, a buy signal will be breaking through the upper boundary of the descending channel and fixation above 1220. We maintain a positive outlook for the medium-term, but expect a decline in the near future.
Nearest resistance levels are 1220, 1244, 1256, 1280, 1300, 1330, 1350
Nearest support levels: 1200, 1180, 1140
The price of Light sweet crude oil continues falling after moving beyond the triangle. At the moment quotes are trying to gain a foothold below the important level of 50.00. In case of success, we expect a further decline with the first targets at 48.00 and 45.00. Growth is limited by the level of 50.00. We maintain our medium-term negative outlook and recommend holding short positions with the targets at 45.00 and 40.00.
Nearest resistance levels: 50.00, 53.00, 54.00, 58.50, 60.00, 64.00, 68.00, 70.00
Nearest support levels: 48.00, 45.00, 43.00, 40.00