31.05.2016 - Technical view on commodity futures

The price of gold rebounded from an important support level of 1200 and as a result of the correction increased to the upper limit of the local downward channel. Its breaking through will be the basis for continued growth until 1230. On the other hand, the fall is likely to continue in the near future, and after repeated testing of level 1200, we may see a further decline with the potential of reaching 1165 and 1140. Our medium-term outlook remains negative.

Nearest resistance levels: 1230, 1244, 1280, 1300, 1315, 1330

Nearest levels of support: 1200, 1190, 1165, 1150, 1140, 1120, 1110, 1095

The price of Light sweet crude oil continues to grow gradually along the rising channel's lower border. Within the current uptrend, the closest target levels are 51.50 and 53.00. The probability of correction significantly increased and in case of decline the signal to sell will be price fixing fall below 49.00. Our forecast for the near future is negative with closest targets at 47.00, 45.00 and 43.00.

Nearest resistance levels: 50.00, 51.50

Nearest support levels: 49.00, 47.00, 46.50, 45.00, 43.00, 40.00, 37.30, 36.00, 35.00, 33.00, 31.00

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