29.08.2014 - Technical view on commodity futures
The price of gold has broken through the corridor 1278-1290, but was unable to gain a foothold above its upper limit. At the moment, the price of gold moves within the local rising channel and can continue to grow in the near future, with targets at 1320 and 1330. Fall is limited by the level of 1278. We maintain a medium-term negative outlook, but recommended to wait for the price fixation above 1290 for the opening of long positions.
Nearest resistance levels: 1290, 1300, 1320, 1330, 1340, 1350, 1365
Nearest support levels: 1278, 1265, 1252, 1244
The price of Light sweet crude oil rose yesterday and has broken through the upper limit of the corridor 93,00-94,00. After fixing the price above 94.00, the upward movement is likely to continue. Target level in this case will be 96.00. Fall is limited by the level of a local minimum near 92.50. Despite the expectation of the price growth in the near future, we keep medium-term negative outlook for oil.
Nearest resistance levels: 95.20, 96.00, 98.00, 100.00, 101.60, 103.00
Nearest support levels: 94.00, 92.00, 91.60, 91.00, 90.00