27.10.2015 - Technical view on commodity futures
The price of gold is consolidated around the level of 1165 and currently came close to the upper boundary of the local descending channel. In case of continued negative dynamics within the descending channel, quotations will reach the support at 1150. It is worth noting a significant probability of resumption of growth in prices in the near future with a target at 1190, after overcoming of which growth may continue until 1200. We expect increased volatility in the near future.
Nearest resistance levels: 1190, 1205, 1215, 1230
Nearest support levels: 1165, 1150, 1140, 1120, 1100, 1080, 1060, 1050, 1100
The price of Light sweet crude oilafter reaching the target level of 44.00, continued to decline and may soon fall to the next support levels at 42.00 and 40.00. The signal of changing the local downward negative trend will be breaking through the upper boundary of the channel, and overcoming the local maximum at 45.00. Our medium-term outlook remains negative and we recommend holding short positions with a stop above 45.00.
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