The price of gold after the return to the descending channel was able to overcome the support level at 1150. The further fall of price may continue to the support level at 1140. The correction is possible to the upper boundary of local descending channel and level of 1165. Given the current situation, we expect a price correction within the channel, but for changing to a positive trend is needed a strong boost.
Nearest resistance levels: 1150, 1165, 1190, 1205, 1215, 1230
Nearest support levels: 1140, 1120, 1100, 1080, 1060, 1050, 1100
The price of Light sweet crude oil broke through the upper limit of descending channel and reached the mark of 46.00 around which continues to consolidate at the moment. Further rise is limited by the resistance levels at 47.00 and 48.00. According to our forecasts, the price will resume its decline in the near future, but we do not exclude the continuation of growth in the near future. Our medium-term outlook remains negative with the objectives around 40.00.
Nearest resistance levels: 47.00, 48.00, 49.65, 50.00, 51.50, 52.00, 54.00
Nearest support levels: 45.00, 44.00, 42.00, 40.00, 38.00