The price of gold continues to consolidate near the level of 1200, after it has broken the upper limit of the downward channel. In case of consolidation above 1200, we are likely to see continued growth with objectives 1230, 1244 and 1252. The fall of the price is limited by the level of 1180. The volatility of price will remain minimal this week. We maintain our positive outlook for the medium-term and recommend holding long positions.
Nearest resistance levels: 1200, 1215, 1230, 1244, 1252, 1265, 1278, 1290
Nearest support levels: 1180, 1140, 1120, 1100
The price of Light sweet crude oil shows a decrease in volatility and continues to consolidate near the level of 55.00. Price decline is limited by the level of 54.00. We expect a continuation of price movement in a sideways trend in the near future after which we can expect a strong price movement. We recommend holding short positions with a stop above 60.00. Our medium-term negative outlook remains unchanged.
Nearest resistance levels: 58.50, 60.00, 64.00, 68.00, 70.00, 72.00, 74.00, 76.00, 76.70
Nearest support levels: 54.00, 50.00