The price of gold is trying to gain a foothold above the level of 1200 after a sharp rise yesterday. In case of success, we expect continued growth of quotations to 1220 and 1230. The fall is limited by the level of 1180, breaking through which will be the basis for further price reduction to 1150. Our medium-term outlook remains positive, and today we expect to see a strong price movement.
Nearest resistance levels are 1220, 1244, 1256, 1280, 1300, 1330
Nearest support levels: 1200, 1175, 1150, 1140, 1100
The price of Light sweet crude oil could not break through the upper limit of local rising channel and level of 51.00. For the continued growth to 53.00 and 54.00, the price needs to overcome this level. According to our forecasts drop in price is likely to continue in the near future with the first targets at 47.00 and 45.00. Our medium-term outlook remains negative and we recommend holding short positions with the target at 40.00 and stop above 54.00.
Nearest resistance levels: 51.00, 53.00, 54.00, 58.50, 60.00, 64.00
Nearest support levels: 50.00, 48.00, 47.00, 45.00, 44.00, 43.00, 40.00