27.11.2014 - Technical view on commodity futures

The price of gold showed a desire to decrease after a long consolidation near the level of 1200. Despite the attempt to resume the fall, quotes compensated the drop and returned to the previous levels. At the moment, the price moves within the uptrend and according to our estimates continues to rise in the near future. The fall is limited by the lower boundary of the channel and a strong level of 1180. Nearest target levels are 1220 and 1230. We maintain a positive medium-term outlook for gold.

Nearest resistance levels: 1200, 1220, 1230, 1244, 1252, 1265, 1278, 1290

Nearest support levels: 1180, 1140, 1120, 1100

The price of Light sweet crude oil after some consolidation near the level of 74.00 was able to fix below this level and updated a minimum. In the near future quotes will continue to decrease with the target near 70.00. Today we expect a strong increase in volatility. In case of a strong upward impulse, we recommend to fix short positions. Our medium-term outlook remains negative.

Nearest resistance levels: 74.00, 76.00, 76.70, 79.40, 80.00, 84.00, 85.50, 87.00, 89.00

Nearest support levels: 72.00, 70.00

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