The price of gold continues to consolidate around the level of 1350. In order to continue the growth with nearest targets at 1375 and 1400, quotations need to overcome the resistance level at 1356. In case of correction, quotations may decline to the nearest support at 1330, a breaking of which will be the basis for the continuation of negative dynamics to 1315 and 1300. Our medium-term outlook remains positive, but we do not exclude a decline in the near future.
Nearest resistance levels: 1356, 1375, 1400, 1430, 1450
Nearest levels of support: 1330, 1315, 1300, 1280, 1244, 1220, 1200, 1190, 1165, 1150
The price of Light sweet crude oil accelerated growth and broke through the upper boundary of the rising channel and the level of 48.50, which is the reason for the further increase up to 50,00-50,60. It is worth noting that, after strong growth there is a possibility of correction to the channel's lower border. According to our estimated the potential of growth significantly declined. Our medium-term outlook remains negative, and despite the current upward momentum, we expect the beginning of the price correction in the near future.
Nearest resistance levels: 50,60, 52,00, 54,00
Nearest support levels: 48,50, 47,00, 46,30, 45,00, 43,00, 42,00, 40,00, 37,30, 36,00, 35,00