24.09.2015 - Technical view on commodity futures
The price of gold could not break through the support level at 1120 and resumed growth within the local ascending channel. In case of continued growth after overcoming the local maximum at 1140 the price will probably reach 1150 and 1170. The fall is limited by the lower boundary of the channel and support at 1120. We expect growth in the near future.
Nearest resistance levels: 1150, 1165, 1195, 1205, 1215, 1230
Nearest support levels: 1120, 1100, 1080, 1060, 1050, 1100
The price of Light sweet crude oil again, could not continue to grow after reaching the resistance at 47.00 and started to correct downward. In order to continue the negative dynamics, the price needs to gain a foothold below 44.00. In this case, the price will hit the target marks on 42.00 and 38.00. The growth of quotations in the near future is limited by the resistance levels at 47.00 and 48.00. We expect the decline in prices the medium term, but today the price will probably show an upward correction.
Nearest resistance levels: 47.00, 48.00, 49.65, 50.00, 51.50, 52.00, 54.00
Nearest support levels: 44.00, 42.00, 40.00, 38.00