28.07.2016 - Technical view on commodity futures

The price of gold has broken the upper border of the local descending channel and was able to overcome important level of 1330, which was a confirmation about changing local negative trend. As a result, we expect to see continued growth of quotations to the levels 1350 and 1370. The fall in the near future is limited by a strong support at 1315. Our medium-term outlook remains positive.

Nearest resistance levels: 1350, 1370, 1400, 1430, 1450

Nearest levels of support: 1330, 1315, 1300, 1280, 1244, 1220, 1200, 1190, 1165, 1150

The price of Light sweet crude oil has shown a sharp decline after the breakdown of support at 43.00 and reached 42.00. Currently quotes continued negative dynamics within the local descending channel. We expect a further drop in prices within the local descending channel, with the immediate goal at 40.00. Our medium-term outlook remains negative, but we do not exclude the correction with the immediate goal at 45.00.

Nearest resistance levels: 45,00, 46,30, 47,00, 48,50, 50,60, 52,00, 54,00, 56,00, 58,60

Nearest support levels: 43,00, 40,00, 37,30, 36,00, 35,00

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