The price of gold reached the upper boundary of the descending channel after a long price consolidation near the level of 1185. At the moment, quotations decrease and may continue this movement within the channel with the first targets at 1180 and 1170, after which they may continue to fall to 1150. The signal of the change of the downtrend will be fixing the price beyond the descending channel. In this case, the closest target will be 1200, after which growth can continue to 1215 and 1230. We keep medium-term positive outlook.
Nearest resistance levels: 1200, 1215, 1230, 1244, 1256, 1280, 1300, 1330
Nearest support levels: 1180, 1150, 1140, 1100
The price of Light sweet crude oil showed the strong growth of price after a rebound from the bottom of the descending channel and reached its upper limit. Currently quotes are reduced in the descending channel after failing to overcome the upper limit of the channel. In case of continued growth and breaking through the level of 61.00, the price may continue to rise to 62.70. More likely is a further fall of price with the first targets at 58.00 and 57.00. Our medium-term outlook remains negative.
Nearest resistance levels: 61.00, 62.70, 64.00, 70.00
Nearest support levels: 59.00, 58.00, 56.00, 54.00, 52.00, 51.00, 50.00, 48.00, 47.00