The price of gold continues to consolidate between the sloping line of resistance and support level at 1210. Reduction of fluctuations amplitude in price indicates a high probability of a strong price movement in the near future. In case of the price growth the signal for the opening of long positions will be fixing quotations above 1230. In this case, the stop should be set below 1210. We maintain our positive outlook for the medium-term, but admit the possibility of a price drop to 1180-1200.
Nearest resistance levels: 1230, 1240, 1244, 1252, 1265, 1278, 1290, 1300, 1320, 1330
Nearest support levels: 1210, 1200, 1180
The price of Light sweet crude oil continued an upward correction and after overcoming the upper limit of the downward channel has broken through the the level of 94.00 near which is now consolidating. If the price will fix above 94.20, we recommend closing short positions and to wait for the new signals. Our medium-term outlook remains negative, but we admit the possibility of the growth of quotations to 96.00.
Nearest resistance levels: 94.20, 95.00, 95.50, 96.00, 98.00, 100.00
Nearest support levels: 92.00, 90.00, 89.00, 87.50