27.05.2014 - Technical view on commodity futures

The price of gold dropped to 1290 within the triangle. After the price will leave the the figure, we expect a strong price movement. The signals to buy will be fixing the price above the level 1305, with the objectives of 1316, 1330 and 1350. In case of decline, a signal to sell will be breaking through the lower boundary of the triangle and price fixing below 1285. We keep medium and long term positive outlook for gold.

Nearest resistance levels: 1305, 1316, 1330, 1350

Nearest support levels: 1290, 1285, 1278, 1270

The price of Light sweet crude oil fixed above 104.00 and continued an upward movement. Further growth is limited by the upper boundary of the local rising channel and the level of 105.00. In the case of reduction, we recommend to open short positions after breaking through the lower boundary of the channel and price fixing below 104.00. We maintain a long-term negative outlook, but expect continued growth today.

Nearest resistance levels: 104.50 105.00

Nearest support levels: 104.00, 103.00, 102.00, 101.00, 100.00

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