31.08.2016 - Technical view on commodity futures

The price of gold has broken through the support level of 1315 and reached the bottom of the channel within which was moving during the month. This fact is the basis for the continuation of negative dynamics with its closest targets at 1300 and 1280. On the other hand quotations may resume growth within the channel and return to the level of 1330, and the upper boundary of the channel. Our medium-term outlook remains positive with the targets 1400 and 1430, but the current decline may continue in the near future.

Nearest resistance levels: 1330, 1356, 1375, 1400, 1430, 1450

Nearest levels of support: 1315, 1300, 1280, 1244, 1220, 1200, 1190, 1165, 1150

The price of Light sweet crude oil decreased to the level of 46.30 fixation below which will be a strong signal to sell with a stop above 48.00 and targets at 42.00 and 40.00. In the near future there is a possibility of rebound of price to 48,00-48,50. Our medium-term outlook remains negative, but we are waiting for confirmation of the sell signal.

Nearest resistance levels: 48,50, 50,60, 52,00, 54,00

Nearest support levels: 46,30, 45,00, 43,00, 42,00, 40,00, 37,30, 36,00, 35,00

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