26.01.2015 - Technical view on commodity futures

The price of gold cannot overcome the strong resistance level at 1300 and is consolidating in the corridor 1278-1300. To continue the growth the price must be fixed above the level of 1300. At the moment, there is a great probability of further correction to the level of 1265. We maintain our medium-term positive outlook and recommend holding short positions.

Nearest resistance levels: 1300, 1330, 1350

Nearest support levels: 1278, 1265, 1252, 1244, 1230, 1215, 1200, 1180, 1140

The price of Light sweet crude oil decreases along the upper boundary of the descending channel. At the moment, the quotes have reached a strong support level at 45.00. Fixing the price below this level is a confirmation of the signal for further price decline to the levels of 43.00 and 40.00. Growth is limited by psychologically important level of 50.00. We recommend holding short positions and maintain a medium-term negative outlook.

Nearest resistance levels: 50.00, 52.00, 54.00, 58.50, 60.00, 64.00, 68.00, 70.00

Nearest support levels: 45.00, 43.00, 40.00

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