The price of gold rebounded from the bottom of the local rising channel and the level of 1150 and reached the level 1190 near which is now consolidated. Fixing the price above the level 1180 is an important signal for the opening of long positions. Growth is currently limited by the upper limit of the local rising channel. In case of downward correction, quotations may reach the level of 1160. Stop should be set below 1150. We maintain a positive medium-term outlook for gold with the goals around 1330 and 1350, but assume the drop of the price to 1100 in the short term.
Nearest resistance levels: 1200, 1220, 1230, 1244, 1252, 1265, 1278, 1290
Nearest support levels: 1180, 1140, 1120, 1100
The price of Light sweet crude oil after reaching the lower limit of the downward channel corrected upwards and reached the strong resistance near 76.00, but could not overcome it. To change the downward momentum, the price needs to gain a foothold above the level of 80.00 over which we recommend to set a stop. Our medium-term outlook remains negative with targets near 70.00.
Nearest resistance levels: 76.70, 79.40, 80.00, 84.00, 85.50, 87.00, 89.00, 90.00, 92.00
Nearest support levels: 74.00, 72.00, 70.00