The price of gold is consolidating between the support level 1100 and the inclined resistance line. Its penetration and growth over 1120 will be the reason for the continuing upward trend up to 1150 and 1170. Fixing of quotes below the psychologically important level of 1100 will be the basis for the further fall of quotations to 1080 and 1060. We expect increased volatility in the near future and look forward to the new signals for opening positions.
Nearest resistance levels: 1120, 1150, 1165, 1195, 1205, 1215, 1230
Nearest next support levels: 1100, 1080, 1060, 1050, 1100
The price of Light sweet crude oil broke through the inclined resistance line which is also the upper limit of descending channel, and the triangle. In case of consolidation above the local maximum at about 47.00, quotes will continue to grow to 49.65 and 51.50. In case of reduction of price to 44.00 and the further fall we recommend to open short positions with the potential decrease up to 42.00 and 38.00. Our medium-term outlook remains negative.
Nearest resistance levels: 47.00, 48.00, 49.65, 50.00, 51.50, 52.00, 54.00
Nearest support levels: 44.00, 42.00, 40.00, 38.00