The price of gold continues moving inside the descending channel and consolidates below 1240. Soon the price will reach the upper boundary of the channel and may continue to decline with the objectives of 1220, and 1200. In case of breaking through the upper boundary of the channel, signal to open long positions with the targets at 1278 and 1290 will be the price fixing higher than 1244. We expect a further decline in prices in the near future, but keep medium-term positive outlook.
Nearest resistance levels: 1244, 1252, 1265, 1278, 1290, 1300, 1320, 1330, 1340, 1350
Nearest support levels: 1220, 1200, 1180
The price of Light sweet crude oil has broken through the resistance at 92.50 and reached the upper limit of the downward channel and the important level of 94.00. In case of further growth, a signal of a trend change will be fixing the price above 95.50. We maintain a negative medium-term outlook with objectives of 92.00 and 90.00. Today we expect a strong increase in volatility.
Nearest resistance levels: 94.00, 95.00, 95.50, 96.00, 98.00, 100.00
Nearest support levels: 92.50, 91.60, 91.00, 90.00, 89.00, 87.50