The price of gold was unable to fix above the psychological level of 1300, but continues to consolidate below it. Drop of price is limited by the strong support at 1278. In case of growth, a signal to buy will be price fixing above 1305. We expect upward price movement of the metal in the medium with long term objectives at 1316, 1330 and 1350.
Nearest resistance levels: 1305, 1316, 1330, 1350
Nearest support levels: 1290, 1278, 1265
The price of Light sweet crude oil continues to consolidate below 104.00. Within the correction, the price may drop to the bottom of the local rising channel and support level at 103.00. For continued growth, the price needs to gain a foothold above 104.00. We expect continued downward movement in the medium and long term.
Nearest resistance levels: 104.00, 104.60, 105.00
Nearest support levels: 103.00, 102.00, 101.00, 100.40, 99.30, 97.60, 95.60