The price of gold could not break through the resistance level at 1220 and resumed falling. In case of continued negative dynamics, the first target will be 1200, and breaking through this level will be the basis for the continuation of negative dynamics of price to the targets at 1165 and 1140. Overcoming the local maximum at 1220 will be a signal to buy with targets at 1244 and 1260. Our medium-term outlook remains negative but in the near future there is a possibility of price growth.
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 after the recent breaking through the lower boundary of the rising channel showed a decrease after which returned to the resistance level at 49.50. In order to continue the growth, the price needs to overcome and gain a foothold above the psychologically important level of 50.00. Our forecast for next week remains negative and in the case of opening short positions with the targets at 47.00, 45.00 and 43.00, the stop must be installed above 50.00.
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