The price of gold after the rebound from the support level of 1200 continued its growth and has broken through the upper boundary of the local descending channel and correction may continue in the near future until 1230. On the other hand, in case of continuation of the resumption of negative dynamics and breaking through the support at 1200, the price can reach the levels of 1165 and 1140. Our medium-term outlook remains negative and we expect increased volatility in the coming days.
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 has broken the lower boundary of the rising channel and in case of consolidation below the local maximum at 49.00, we expect a continuation of negative dynamics and recommend to open short positions with a stop above 50.50 and targets at 47.00, 45.00 and 43.00. We expect a rise in volatility in the coming days and note the high probability of a downward price correction.
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