The price of gold has tested the resistance level of 1244 and was not able to overcome it. In the near future quotes will likely continue the decline until 1230, and the lower boundary of the rising channel. The breaking of these marks will lead to reducing of prices to 1200. The increase in the near future is limited by the levels of 1256 and 1265. We maintain our medium-term negative outlook, but at the moment quotes continue to move within the uptrend.
Nearest resistance levels: 1244, 1256, 1280, 1300
Nearest support levels: 1230, 1200, 1190, 1165, 1150, 1140, 1120, 1110, 1095, 1080, 1065
The price of Light sweet crude oil after the correction to the important level of 33.00, resumed growth, and returned to a strong resistance level at 35.00. In case of breaking through and fixation above given level, quotations will return to the marks 36.00 and 38.00. According to our estimates, the more likely scenario will be the resumption of the negative dynamics of price with the objectives at 33.00, 31.00 and 28.00. Our medium-term outlook remains negative, and now there is an opportunity to open short positions with the tight stop.
Nearest resistance levels: 35.00, 36.00, 38.00, 40.00, 40.75, 42.00
Nearest support levels: 33.00, 31.00, 30.00, 28.00, 25.00, 22.00, 20.00