28.10.2015 - Technical view on commodity futures

The price of gold broke through the upper limit of the local downward channel. Overcoming the level of 1175 will be the basis for continued upward momentum to the levels of 1190 and 1200. On the other hand in case of fixation below 1165, the price will continue a drop to the target marks of 1150 and 1140. We expect a high level of volatility today.

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 oil has overcome a strong support level at 44.00. As a result, the probability of reaching the next targets at 42.00 and 40.00, has increased significantly. We still recommend investors to hold short positions with a stop above 45.00 and in case of overcoming this level, the price will reach resistance level at 47.00. Our medium-term outlook remains negative.

Nearest resistance levels: 44.00, 45.00, 47.00, 48.00, 49.65, 50.00, 51.50, 52.00, 54.00

Nearest support levels: 42.00, 40.00, 38.00

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