26.02.2016 - Technical view on commodity futures

The price of gold continues to consolidate within the corridor 1230-1244. If the price fixates above the level of 1244, we expect further growth until 1256 and 1265. A more likely scenario will be breaking through support at 1230, which will lead to further reduction of price to 1200 and the lower boundary of the rising channel. Our medium-term outlook is negative, but in the near future, the movement will continue inside the rising channel.

Nearest resistance levels: 1244, 1256, 1280, 1300

Nearest support levels: 1230, 1200, 1190, 1165, 1150, 1140, 1120, 1110, 1095, 1080, 1065

The price of Light sweet crude oil broke through the important level of 33.00 and currently is near a local maximum at 34.50. Further increase in prices is possible till 35.00. In case of correction, quotations will return to the lower boundary of the rising channel. According to our forecasts, despite a possible increase to 35.00 in the near future, the fall of price will resume with the closest targets at 31.00 and 28.00. Our medium-term outlook is also negative.

Nearest resistance levels: 35.00, 36.00, 38.00, 40.00, 40.75, 42.00

Nearest support levels: 33.00, 31.00, 30.00, 28.00, 25.00, 22.00, 20.00

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