The price of gold continued to decline inside the descending channel and will soon reach the level of 1200. According to our forecasts the downward movement should be over soon, and after stabilization within the range of 1180-1200, will resume the growth. In this case, a buy signal will be breaking through the upper boundary of the channel and fixing above the local maximum. Our medium-term outlook remains positive, but we expect a further fall in prices in the near future.
Nearest resistance levels are 1220, 1244, 1256, 1280, 1300, 1330, 1350
Nearest support levels: 1200, 1180, 1140
The price of Light sweet crude oil could not overcome the strong support level at 50.00 and rebounded upwards and at the moment is trying to gain a foothold under the lower boundary of the triangle. In case of success quotes will continue the fall and will break through an important support at 50.00. A signal to buy with the target at 60.00 will be fixing the price above the level of 54.00. We maintain our medium-term negative outlook and recommend to open short positions with the targets at 48.00 and 45.00.
Nearest resistance levels: 53.00, 54.00, 58.50, 60.00, 64.00, 68.00, 70.00
Nearest support levels: 50.00, 48.00, 45.00, 43.00, 40.00