The price of gold rebounded from the support level at 1180 and increased to the upper limit of the downward channel. In case of breaking through it, a confirmation of a buy signal with the targets at 1130 and 1150 will be overcoming the level of 1110. On the other hand, there is a high probability of further downward movement within the channel after breaking through the support level at 1180. We expect a further decline in gold prices in the near future.
Nearest resistance levels: 1110, 1120, 1143, 1150, 1165, 1195, 1205, 1215, 1230
Nearest support levels: 1080, 1060, 1050, 1100
The price of Light sweet crude oil broke through the local minimum at 47.00 and continued the movement and approached the next target level near 45.00. It is worth noting that the price continues to move along the upper boundary of the descending channel, and will likely continue to decline in the near future. Within the correction, quotations may grow up to 47.00 and 49.65. Despite the reduction in the potential for further decline, we expect further movement within the current negative trend.
Nearest resistance levels: 47.00, 48.00, 49.65, 50.00, 51.50, 52.00, 54.00, 55.00, 57.00
Nearest support levels: 45.00, 44.50, 42.00, 40.00