29.07.2014 - Technical view on commodity futures
The price of gold after breaking through the upper boundary of the triangle reached the level of 1310 and corrected downwards. Now the price has fixed beyond the triangle and will likely continue the upward movement. Confirmation of a buy signal will be overcoming the level of 1310. Fall is limited by the strong support level at 1290. We maintain a medium-term positive outlook.
Nearest resistance levels: 1310, 1320, 1330, 1340, 1350, 1365
Nearest support levels: 1290, 1278, 1265, 1252, 1244
The price of Light sweet crude oil continues to decline gradually and now can slow the drop near the level of 100.90. After fixing the price below 101.60, we expect continued downward movement with the targets at 100.00 and 98.50. Growth is limited by the resistance levels at 101.60 and 103.00. Medium-term outlook remains negative, and tomorrow we expect a strong growth of volatility.
Nearest resistance levels: 101.60, 103.00, 103.50, 104.00, 104.60
Nearest support levels: 100.00, 99.60, 98.50, 96.60