The price of gold continues to fall within the local descending channel and as a result of the current negative impulse reached an important support level at 1200. After a sharp fall quotations may correct upwards with the potential of reaching the levels 1210 and 1230. Overcoming the psychologically important level of 1200, will be the basis for the continuation of the negative dynamics of price with the objectives at 1165 and 1140. Our medium-term outlook remains negative.
Nearest resistance levels: 1230, 1244, 1280, 1300, 1315, 1330
Nearest levels of support: 1200, 1190, 1165, 1150, 1140, 1120, 1110, 1095
The price of Light sweet crude oil is consolidating around the important level of 50.00 and at the moment came close to the lower boundary of the rising channel, a breaking and fixation below which will be a signal to sell with targets at 47.00, 45.00 and 43.00. In this case, the stop must be installed above 50.00. We do not exclude further growth of quotations within the channel, and in this case targets will be at 51,50 and 53,00. According to our forecasts, in the near future there is a high probability of a substantial correction of price by 15-20%.
Nearest resistance levels: 49.50, 50.00, 51.50
Nearest support levels: 47.00, 46.50, 45.00, 43.00, 40.00, 37.30, 36.00, 35.00, 33.00, 31.00