29.09.2015 - Technical view on commodity futures
The price of gold has broken the lower boundary of the local rising channel in the near future with a high probability will fall to 1120. After this quotation may continue to fall to 1100. The growth of price in the near future is limited by the level of 1140 and 1150. We expect continued consolidation of prices within a range of 1100-1150 in the near future.
Nearest resistance levels: 1150, 1165, 1195, 1205, 1215, 1230
Nearest support levels: 1120, 1100, 1080, 1060, 1050, 1100
The price of Light sweet crude oil is consolidated around the level of 45.00. The breaking of the angled line of resistance will be the basis for continued growth to 47.00 and 48.00. The confirmation of the signal for the opening short position will be fixing of price below 44.00. We maintain a medium-term negative outlook and recommend holding short positions.
Nearest resistance levels: 47.00, 48.00, 49.65, 50.00, 51.50, 52.00, 54.00
Nearest support levels: 44.00, 42.00, 40.00, 38.00