The price of gold has corrected upwards after a rebound from the support level at 1150. At the moment, quotes are located near the upper limit of the downward channel, and in case of continued growth and overcoming the mark of 1175, we recommend to open long positions with the targets at 1190 and 1205. The fall of prices within the channel is limited by the levels of support 1150 and 1143. Our medium-term outlook remains positive, but the decline may 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 broke through the upper limit of the local downward channel and continues to consolidate near the level of 52.00. In case of continuation of descending movement, we expect the price decline to 50.00 and 48.00. The growth of price within the correction is possible to 55.00. According to our estimates, the price decline will continue in the medium term and we recommend holding short positions.
Nearest resistance levels: 54.00, 55.00, 57.00, 58.00, 59.25, 60.00, 61.70, 62.70, 64.00
Nearest support levels: 52.00, 51.00, 50.00, 48.00, 47.00