The price of gold continued to decline within the correction after has broken the lower border of the rising channel and an important level of 1350. Fixation lower than these levels is the basis for the continuation of a negative price dynamics with targets at 1315 and 1300. In case of resumption of growth and overcoming 1350, we expect continued growth to 1365 and 1400. Our medium-term outlook remains positive, but in the near future we may see a further decline within the correction.
Nearest resistance levels: 1350, 1365, 1400, 1430, 1450
Nearest levels of support: 1330, 1315, 1300, 1280, 1244, 1220, 1200, 1190, 1165, 1150
The price of Light sweet crude oil has not been able to gain a foothold above the resistance level at 47.00 and fell sharply. As a result, the quotes approached the psychologically important level of support at 45.00, but could not overcome it. At the moment, the price is corrected within the descending channel and further upward movement is limited by the upper border of the channel and the resistance level at 48.50. Our medium-term outlook remains negative and we expect a price decline to 43.00 and 40.00 in the near future.
Nearest resistance levels: 46,30, 47,00, 48,50, 50,60, 52,00, 54,00, 56,00, 58,60
Nearest support levels: 45,00, 43,00, 40,00, 37,30, 36,00, 35,00