The price of gold continued to fall along the upper boundary of the descending channel and currently is consolidating above the support level at 1080. The breaking of this level will become a signal for opening short positions with the first targets at 1060 and 1050. On the other hand, long positions should be opened only in case of breaking through the upper boundary of the channel and fixing the price above 1110. Our short-term outlook is negative.
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 has stabilized around the level of 46.00 and failed to return to the medium-term downtrend channel. In case of correcting the price upwards, we can see an increase to 47.00 and 49.65. According to our forecasts, the decline will continue in the near future, to 45.00, and then may fall to 42.00. We expect the price decline in the near future, but the probability of upward correction increased.
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