27.01.2015 - Technical view on commodity futures

The price of gold broke through the sloping support line and returned inside the rising channel. At the moment, the quotes are consolidated near the important level of 1278. If the price fixates below this mark on the chart will be completed the formation of the figure "double top", which indicates a reversal of the upward trend. In such case we recommend to open short positions with short-term targets at 1252 and 1244. Despite this, we maintain a positive medium-term outlook for gold.

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 continues to fall along the top edge of the descending channel. It is worth noting that the quotes are consolidated between the level of the support at 45.00 and the top edge of the channel. After the consolidation, we expect a strong price movement. The most likely is a continuation of the downward movement until 40.00. We recommend holding short positions with a stop above 50.00 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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