24.05.2016 - Technical view on commodity futures

The price of gold dropped to an important support level at 1244 and its breaking through and consolidation will become a strong signal for the continuation of the negative dynamics of price with the objectives of 1230, 1200 and 1190. In case of rebound, quotes, will return to the levels of 1260 and 1280. Our medium-term outlook remains negative, but we do not exclude upward correction in the near future.

Nearest resistance levels: 1280, 1300, 1315, 1330

Nearest levels of support: 1244, 1230, 1200, 1190, 1165, 1150, 1140, 1120, 1110, 1095

The price of Light sweet crude oil moves along the rising channel's lower border and in case of continued growth can return to the local maximum near 49.50 and the psychologically important mark of 50.00. On the other hand, the breaking through the lower boundary of the channel, and support at 47.00 will be a signal to sell with targets at 45.00, 43.00 and 40.00. Our forecast for next week remains negative.

Nearest resistance levels: 49.00, 50.00, 51.50

Nearest support levels: 47.00, 46.50, 45.00, 43.00, 40.00, 37.30, 36.00, 35.00, 33.00, 31.00

RISK WARNING: Trading of complex financial products, such as Stocks, Futures, Foreign Exchange ("Forex"), Contracts for Difference ("CFDs"), Indices, Options, or other financial derivatives, on "margin" carries a high level of risk, and may not be suitable for all investors. The possibility exists that you could sustain a loss of some or all of your initial investment and, therefore, you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading these markets, and seek advice from an independent financial advisor if you have any questions or doubts. Please carefully read our full "Risk Disclosure" and "Risk Disclosures for Financial Instruments & Investment Services". FXFINPRO Capital is the trading name of PFX Financial Professionals Limited, a limited liability company formed under the laws of Cyprus, registered with the Registrar of Companies in Nicosia, Cyprus, under nr. HE 237840 and regulated by the Cyprus Securities and Exchange Commission with license number 193/13.