24.10.2014 - Technical view on commodity futures

The price of gold has reached the level of support at 1230 after it has broken through the lower boundary of the local rising channel. Fixing the price below this level will be the signal for profit-taking on long positions. In case of decline to the levels 1180-1200, we recommend accumulate long positions once again. At the moment there is a high probability of price rebound from this level with the immediate goals 1252 and 1265. We maintain our positive outlook for the medium-term and recommend holding long positions.

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

Nearest support levels: 1230, 1220, 1200, 1180

The price of Light sweet crude oil compensated yesterday's decline to the level of 80.00 and now is consolidating near the 82.00 mark of. The potential of further drop is gradually reduced, but at the moment there are no preconditions for the resumption of growth. In case of growth, the signal for the opening of long positions will be fixing the price above the level of 85.50. At the moment, we recommend holding short positions and maintain a medium-term negative outlook with the objectives of 77.00 and 75.00.

Nearest resistance levels: 84.00, 85.50, 87.00, 89.00, 90.00, 92.00, 94.20, 95.00, 95.50

Nearest support levels: 80.00, 77.00, 75.00

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