The price of gold has broken through the local minimum near the level of 1205 and continued a sharp decline. At the moment, the price returned to the descending channel and now is consolidating below the level of 1190 and in the near future according to our forecasts will reach 1180. Despite strong downward momentum, the potential for further reduction is limited and we expect a resumption of growth in the medium term and will recommend to accumulate long positions in the range of 1180-1200.
Nearest resistance levels at 1200, 1210, 1230, 1240, 1244, 1252, 1265, 1278, 1290, 1300
Nearest support levels 1180
The price of Light sweet crude oil after the upward correction to the level of 91.00 has resumed a downward movement and now has reached the level of a local minimum near 89.00. In case of continued current dynamics, quotes will reach the bottom of the channel. Signal of a trend change will be fixing the price above 94.00. We recommend holding short positions and maintain a medium-term negative outlook.
Nearest resistance levels: 90.00, 92.00, 94.20, 95.00, 95.50, 96.00, 98.00, 100.00
Nearest support levels: 89.00, 87.50