28.10.2014 - Technical view on commodity futures

The price of gold was unable to continue the downward movement and returned to the level of 1230. In case of further decline and breaking through the level of 1220, we expect a decline of price to 1180-1200. Continued descending movement is unlikely. We expect the resumption of growth of price in the near future and maintain the medium-term positive outlook with objectives near 1265, 1290 and 1330.

Nearest resistance levels: 1244, 1252, 1265, 1278, 1290, 1300

Nearest support levels: 1230, 1220, 1200, 1180

The price of Light sweet crude oil continues to decline. It is worth mentioning that the amplitude of price movements is reduced and the price is clamped within the triangle. This fact gives us reason to expect a strong price movement after the price leaves the triangle. We should fix short positions and open long ones after fixing the price above 84.00. Falling of price with the objectives of 77.00 and 75.00 will accelerate in case of fixing the price below 80.00. Our medium-term outlook remains negative.

Nearest resistance levels: 84.00, 85.50, 87.00, 89.00, 90.00, 92.00, 94.20, 95.00, 95.50

Nearest support levels: 80.00, 77.00, 75.00

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