The price of gold showed a sharp rise at the beginning of the trading week, but failed to gain a foothold above the sloping resistance line and returned to the previous levels. In case of further decline, quotations will reach the levels 1150 and 1143. On the other hand, overcoming the level of 1175 will be the basis for the continuation of the upward movement with the objectives at 1190 and 1205. Our medium-term outlook remains positive, but the fall is likely to continue in the near future.
Nearest resistance levels: 1170, 1195, 1205, 1215, 1230, 1244, 1256, 1280, 1300, 1330
Nearest support levels: 1150, 1143, 1100
The price of Light sweet crude oil after fixation below 57.00, continueв to fall within has broken through the lower limit of the descending channel and reached important mark of 55.00. A breaking of this level will be the basis for the further reduction of price to 52.00 and 50.00. The growth of price within the correction is limited by the level of resistance at 57.00. We recommend to hold short positions with a stop above 57.00 and keep the medium-term negative outlook.
Nearest resistance levels: 57.00, 58.00, 59.25, 60.00, 61.70, 62.70, 64.00, 70.00
Nearest support levels: 55.00, 54.00, 52.00, 51.00, 50.00, 48.00, 47.00