The price of gold broke through the lower limit of the corridor 1190-1210 and continued to decline in the descending channel. In case of saving the current dynamics, quotes will continue to fall to 1170 and 1150. Breaking the mark 1150 is unlikely. On the other hand, to change the trend, the price needs to break through the upper limit of the downward channel and is consolidating above 1210. We maintain our positive outlook for the medium-term, but expect continued downward movement of price in the near future.
The nearest resistance levels are 1190, 1210, 1220, 1244, 1256, 1280, 1300, 1330
The next support levels: 1180, 1150, 1140, 1100
The price of Light sweet crude oil corrected downwards to the level of 56.00 and currently is consolidating above this mark. Further reduction is limited by the lower boundary of the rising channel. In the case of fixing the price below 54.00, we recommend to open short positions. Our medium-term outlook remains negative, but growth may continue to 60.00 in the near future.
Nearest resistance levels: 58.00, 60.00, 64.00
Nearest support levels: 55.00, 54.00, 52.00, 51.00, 50.00, 48.00, 47.00, 45.00, 44.00, 43.00