The price of gold continued downward movement along the inclined line of resistance. Currently quotations are consolidating near the level of 1140, but soon may reach the marks of 1120 and 1100 near which we forecast renewed purchases. Signal about negative trend change will be fixing the price above the level of 1170. Despite a possible price drop in the near future, we expect renewed upward trend in the medium term.
Nearest resistance levels: 1160, 1180, 1200, 1220, 1230, 1244, 1252, 1265, 1278, 1290
Nearest support levels: 1140, 1120, 1100
The price of Light sweet crude oil fixed below the level of 79.40, and after reaching the upper limit of the local descending channel has started to decline. The most likely scenario is a continuation of the downward movement of prices within the local descending channel with the target near 75.00. Stop should be set above 80.00. Our medium-term outlook remains negative.
Nearest resistance levels: 79.40, 80.00, 84.00, 85.50, 87.00, 89.00, 90.00, 92.00, 94.20
Nearest support levels: 76.00, 75.00