31.03.2015 - Technical view on commodity futures
The price of gold continues to decline after has overcome the 1990 level and the lower boundary of the rising channel. To continue the downward movement with the target at 1150, the price must be fixed below the level of 1175. In case of resumption of growth, the price will return inside the rising channel and will reach the level of 1200 and 1220. Our medium-term outlook is positive, but in the near future the downward trend is likely to continue.
Nearest resistance levels: 1200, 1220, 1244, 1256, 1280, 1300, 1330
Nearest support levels: 1175, 1150, 1140, 1100
The price of Light sweet crude oil stabilized around the level of 49.00 and the lower limit of the local rising channel. At the moment, there is the possibility of renewed growth to the level of 53.00. More likely is a continuation of the downward movement and breaking through the support at 49.00, which will be a signal for opening short positions with the first targets at 47.00 and 45.00. Our medium-term outlook remains negative and we recommend holding short positions with the target at 40.00.
Nearest resistance levels: 50.00, 52.00, 53.00, 54.00, 58.50, 60.00, 64.00
Nearest support levels: 49.00, 47.00, 45.00, 44.00, 43.00, 40.00