31.08.2015 - Technical view on commodity futures
The price of gold is gradually increasing along the sloping support line and may soon reach the level of 1140 and 1150. In the case of breaking through the sloping support line and the local minimum at 1120 the price may continue the downward movement to the target levels at 1100 and 1080. According to our forecasts, the growth of quotations will continue in the near future time.
Nearest resistance levels: 1140, 1150, 1165, 1195, 1205, 1215, 1230
Nearest support levels: 1120, 1110, 1100, 1080, 1060, 1050, 1100
The price of Light sweet crude oil after breaking through the upper boundary of the descending channel, was able to gain a foothold above the important level of 42.00 and continued the growth. Currently quotes are reduced after failing to overcome the level of 46.00. Further growth of quotations is limited by the levels of 47.00 and 49.65. Our medium-term outlook remains negative and we expect decline to 42.00 in the near future.
Nearest resistance levels: 45.00, 47.00, 48.00, 49.65, 50.00, 51.50, 52.00, 54.00
Nearest support levels: 44.50, 42.00, 40.00, 38.00