The price of gold continued to decline within the local descending channel and at the moment is near its upper boundary and the level of 1330. According to our estimates, in the near future there is a high probability of further negative price dynamics within the channel to the closest targets at 1315 and 1300. The breaking of the descending channel's upper border will be the basis for the continuation of the rising dynamics of price with the closest targets at 1350 and 1370. Our medium-term outlook remains positive, despite a likely continuation of the current negative dynamics.
Nearest resistance levels: 1350, 1370, 1400, 1430, 1450
Nearest levels of support: 1330, 1315, 1300, 1280, 1244, 1220, 1200, 1190, 1165, 1150
The price of Light sweet crude oil is consolidating below 46.30 after rebounded up after approaching an important support level at 45.00. In case of overcoming the inclined resistance line growth will continue until the upper limit of descending channel and resistance at 48.50. The breaking of support at 45.00, will be the basis for the continuation of negative dynamics to 43.00 and 40.00. Our medium-term outlook remains negative, and the current drop is likely continue 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