Gold Price and Crude Oil Price Aim Fresh Increase
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Gold price started a major decline below the $1,725 support zone. Crude oil price is attempting a fresh increase from the $88.80 support zone.
Important Takeaways for Gold and Oil
· Gold price struggled above $1,740 and declined against the US Dollar.
· Recently, there was a break above a key bearish trend line with resistance near $1,705 on the hourly chart of gold.
· Crude oil price started a downside correction from the $100 and $101 resistance levels.
· There was a break below a major bullish trend line with support near $98.95 on the hourly chart of XTI/USD.
Gold Price Technical Analysis
Gold price struggled to gain pace above the $1,750 resistance zone against the US Dollar. The price started a fresh decline and traded below the $1,725 pivot level.
There was a clear move below the $1,712 support zone and the 50 hourly simple moving average. The price even traded below the $1,700 level and formed a low near $1,680 on FXOpen. It is now correcting losses above the $1,695 level.
Gold Price Hourly Chart
There was a break above a key bearish trend line with resistance near $1,705 on the hourly chart of gold. The price even climbed above the $1,712 level but struggled to clear $1,720.
A high is formed near $1,720 and the price is now consolidating gains. On the downside, an initial support is near the $1,710 level. It is near the 23.6% Fib retracement level of the upward move from the $1,680 swing low to $1,720 high.
The next major support is near the $1,700 level or the 50% Fib retracement level of the upward move from the $1,680 swing low to $1,720 high, below which there is a risk of a larger decline. In the stated case, the price could decline sharply towards the $1,680 support zone.
On the upside, the price is facing resistance near the $1,720 level. A clear upside break above the $1,720 resistance could send the price towards $1,735. The main resistance is now forming near the $1,750 level. A close above the $1,750 level could open the doors for a steady increase towards $1,780.
Oil Price Technical Analysis
Crude oil price started a fresh increase from the $88.80 support zone against the US Dollar. The price climbed above the $92.50 and $95.00 resistance levels.
The price even moved above the $98 resistance and the 50 hourly simple moving average. A high was formed near $100.64 and the price is now correcting gains. There was a move below the $98.80 support zone.
Oil Price Hourly Chart
The price declined below the 38.2% Fib retracement level of the upward move from the $88.22 swing low to $100.64 high. Besides, there was a break below a major bullish trend line with support near $98.95 on the hourly chart of XTI/USD.
It tested the 50% Fib retracement level of the upward move from the $88.22 swing low to $100.64 high. On the upside, the price is facing resistance near the $97.70 level.
The next key resistance is near the $98.80 level, above which the price might accelerate higher towards $100 or even $102. On the downside, an immediate support is near the $96.00 level. The next major support is near the $94.50 level.
If there is a downside break, the price might decline towards $92.20. Any more losses may perhaps open the doors for a move towards the $90.00 support zone.
Important Takeaways for Gold and Oil
· Gold price struggled above $1,740 and declined against the US Dollar.
· Recently, there was a break above a key bearish trend line with resistance near $1,705 on the hourly chart of gold.
· Crude oil price started a downside correction from the $100 and $101 resistance levels.
· There was a break below a major bullish trend line with support near $98.95 on the hourly chart of XTI/USD.
Gold Price Technical Analysis
Gold price struggled to gain pace above the $1,750 resistance zone against the US Dollar. The price started a fresh decline and traded below the $1,725 pivot level.
There was a clear move below the $1,712 support zone and the 50 hourly simple moving average. The price even traded below the $1,700 level and formed a low near $1,680 on FXOpen. It is now correcting losses above the $1,695 level.
Gold Price Hourly Chart
There was a break above a key bearish trend line with resistance near $1,705 on the hourly chart of gold. The price even climbed above the $1,712 level but struggled to clear $1,720.
A high is formed near $1,720 and the price is now consolidating gains. On the downside, an initial support is near the $1,710 level. It is near the 23.6% Fib retracement level of the upward move from the $1,680 swing low to $1,720 high.
The next major support is near the $1,700 level or the 50% Fib retracement level of the upward move from the $1,680 swing low to $1,720 high, below which there is a risk of a larger decline. In the stated case, the price could decline sharply towards the $1,680 support zone.
On the upside, the price is facing resistance near the $1,720 level. A clear upside break above the $1,720 resistance could send the price towards $1,735. The main resistance is now forming near the $1,750 level. A close above the $1,750 level could open the doors for a steady increase towards $1,780.
Oil Price Technical Analysis
Crude oil price started a fresh increase from the $88.80 support zone against the US Dollar. The price climbed above the $92.50 and $95.00 resistance levels.
The price even moved above the $98 resistance and the 50 hourly simple moving average. A high was formed near $100.64 and the price is now correcting gains. There was a move below the $98.80 support zone.
Oil Price Hourly Chart
The price declined below the 38.2% Fib retracement level of the upward move from the $88.22 swing low to $100.64 high. Besides, there was a break below a major bullish trend line with support near $98.95 on the hourly chart of XTI/USD.
It tested the 50% Fib retracement level of the upward move from the $88.22 swing low to $100.64 high. On the upside, the price is facing resistance near the $97.70 level.
The next key resistance is near the $98.80 level, above which the price might accelerate higher towards $100 or even $102. On the downside, an immediate support is near the $96.00 level. The next major support is near the $94.50 level.
If there is a downside break, the price might decline towards $92.20. Any more losses may perhaps open the doors for a move towards the $90.00 support zone.
註釋
Disclaimer: This forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as financial advice.
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