The price of gold corrected upwards after has broken through the lower boundary of the rising channel. At the moment, quotes are trying to gain a foothold below the lower boundary of the rising channel. In case of success, quotes resumed its decline and reached the levels of 1175-1180. In case of continued upward movement, a buy signal with the objectives at 1244 and 1256 will be fixing the price above 1220. We keep positive medium-term outlook for gold, but we can see a drop 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 failed to gain a foothold below 52.00 and currently approached to the strong resistance level at 54.00. Continued growth and fixation above 54.00 will be the basis for the continuation of the upward movement of the price to 58.50 and 60.00. In case of change of the current dynamics to the descending, we forecast a drop to the lower boundary of the local rising channel and the level of 50.00. Our medium-term outlook remains negative and we recommend to wait for a signal to open new positions.
Nearest resistance levels: 54.00, 58.50, 60.00, 64.00
Nearest support levels: 52.00, 51.00, 50.00, 48.00, 47.00, 45.00, 44.00, 43.00, 40.00