The price of gold reached the level of 1220, but failed to overcome this level and started to correct upwards. For the continued growth, it is necessary to break through 1220. In this case, we recommend to open long positions with a stop below 1200. Correction of prices is possible up to 1200 and the lower boundary of the channel. Our medium-term outlook remains positive, but the price correction may continue in the near future.
Nearest resistance levels are 1220, 1244, 1256, 1280, 1300, 1330
Nearest support levels: 1200, 1175, 1150, 1140, 1100
The price of Light sweet crude oil after some consolidation below 51.00, broke through this level and the upper boundary of the rising channel. At the moment, quotes reached the level of 53.00 in the case of continued upward momentum can grow up to 54.00. According to our estimates, the potential for further increase is limited and we maintain a medium-term negative outlook with the targets at 45.00 and 40.00 and recommend holding short positions with a stop above 54.00.
Nearest resistance levels: 53.00, 54.00, 58.50, 60.00, 64.00
Nearest support levels: 51.00, 50.00, 48.00, 47.00, 45.00, 44.00, 43.00, 40.00