The price of gold after consolidation below the level of 1240started to decline sharply, broke through the level of 1220, and reached the bottom of the channel, but rebounded upwards and now is consolidating near the mark of 1220. In case of continuation of the correction, the price can reach the upper limit of the channel and the level of 1240. We expect a further decline in the price within the channel with the objectives of 1200 and 1180. Reduction potential is falling and we maintain a positive medium-term outlook for gold.
Nearest resistance levels: 1240, 1244, 1252, 1265, 1278, 1290, 1300, 1320, 1330
Nearest support levels: 1220, 1200, 1180
The price of Light sweet crude oil has failed to overcome the upper boundary of the channel and started to correct downwards. At the moment, the price reached the strong level of 92.50. In case of overcoming of this mark, the price will continue to fall to 90.00. At the moment, there is no reason to expect a reversal of the trend. Probably the amplitude of price fluctuations will be reduced, but our medium-term view remains negative.
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