28.07.2014 - Technical view on commodity futures
The price of gold rebounded from the strong support level 1290 and has reached inclined line of resistance, which previously served as the lower boundary of the rising channel. For the continued growth, the price needs to return to the channel frames. In such case a signal to buy will become fixing the price above 1320. We maintain a medium-term positive outlook for gold with the objectives of 1350 and 1365.
Nearest resistance levels: 1320, 1330, 1340, 1350, 1365
Nearest support levels: 1290, 1278, 1265, 1252, 1244
The price of Light sweet crude oil after a long consolidation, broke the lower boundary of the channel 101,60-103,00. Now the quotations of oil are trying to consolidate below 101.60 and probably will continue to decline with the objectives of 100.00 and 98.50. Growth is limited by the level of 103.00. We expect a decrease in oil prices in the medium term.
Nearest resistance levels: 101.60, 103.00, 103.50, 104.00, 104.60
Nearest support levels: 100.00, 99.60, 98.50, 96.60