The price of gold continued to decline and reached the level of 1220. At the moment, quotes are trying to gain a foothold below 1230. In case of continuation of price falling within the channel, we expect reaching the level of 1200. At the moment, there is the possibility of renewed growth of price within the channel with the increase potential up to the levels of resistance at 1244 and 1256. Our medium-term outlook remains positive, but we assume the continuation of the downward movement in the near future to the levels of 1180-1200.
Nearest resistance levels: 1230, 1244, 1256, 1280, 1300, 1330, 1350
Nearest support levels: 1220, 1200, 1180, 1140
The price of Light sweet crude oil reached the level of 50.00, but could not overcome it and rebounded upwards. Further growth of quotations is limited by the level of 53.00 and 54.00. In the case of overcoming the support at 50.00, we expect a further fall to the levels of 48.00 and 45.00. Our medium-term negative outlook remains unchanged and we recommend holding short positions with a stop above 54.00 and target levels at 45.00 and 40.00.
Nearest resistance levels: 53.00, 54.00, 58.50, 60.00, 64.00, 68.00, 70.00
Nearest support levels: 50.00, 48.00, 45.00, 43.00, 40.00