29.05.2014 - Technical view on commodity futures
The price of gold continued downward movement after leaving the triangle. Within the fall, the price can reach levels of 1250, 1240 and 1220. At the moment there is a high probability of an upward price correction with the first target near 1265. We expect the fall in the medium term, but keep a long-term positive outlook.
Nearest resistance levels: 1265, 1278, 1290, 1305, 1316, 1330, 1350
Nearest support levels: 1250, 1240, 1220
The price of Light sweet crude oil has broken through the lower boundary of the local rising channel and fixed below the nearest local minimum at 103.50. After overcoming the support at 103.00, the price is likely to reach 101.50. We recommend holding short positions and keep a long-term negative outlook for oil.
Nearest resistance levels: 104.00, 104.60, 105.00
Nearest support levels: 103.00, 102.00, 101.00, 100.40