24.09.2014 - Technical view on commodity futures

The price of gold yesterday broke through the level of 1230, but failed to gain a foothold above it and rolled back. Now quotes are consolidating along the upper boundary of the descending channel and near the level of 1220. We expect that the price will soon reach the level of 1200, and then may fall to 1180. In case of leaving the channel, a buy signal will be the price fixing above 1244. We maintain a medium-term positive outlook for gold.

Nearest resistance levels: 1240, 1244, 1252, 1265, 1278, 1290, 1300, 1320, 1330

Nearest support levels: 1200, 1180

The price of Light sweet crude oil after an upward correction has stabilized around the level of 91.50. Further price growth is limited by the resistance at 92.50. Tonight we expect a rise in volatility. Capacity is greatly reduced, and to overcome the level of 90.00, will be needed a significant driver. We maintain a medium-term negative outlook and recommend holding short positions with a stop above 94.00.

Nearest resistance levels: 92.50, 94.00, 95.00, 95.50, 96.00, 98.00, 100.00

Nearest support levels: 90.00, 89.00, 87.50

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