Gold Price and Crude Oil Price Aim Higher
Gold price started a decent recovery wave from the $1,750 support. Crude oil price is rising and it is now trading nicely above the $74.00 level.
Important Takeaways for Gold and Oil
Gold Price Technical Analysis
This week, gold price formed a decent support base above the $1,750 zone against the US Dollar. The price started a fresh upward move and it surpassed the $1,760 resistance zone.
The price even settled above the $1,765 level and the 50 hourly simple moving average. However, the price seems to be facing a strong resistance near the $1,780 zone. There is also a key bearish trend line forming with resistance near $1,780 on the hourly chart of gold.
A high is formed near $1,782 on FXOpen and the price is now consolidating gains. An upside break above the trend line could spark more gains above $1,782.
An immediate resistance on the upside is near the $1,795 level. The first major resistance is near the $1,800 level. If the price breaks the $1,800 level, it could accelerate higher. In the stated case, the price could rise towards the $1,840 zone.
Conversely, the price might resume its decline below $1,775. An initial support is near the $1,765 level. It is near the 50% Fib retracement level of the recent increase from the $1,750 low to $,1782 high.
The first major support is near the $1,760 level. The next key support is near the $1,750 level, below which the price might continue to move down towards the $1,720 level in the near term.
Read Full on FXOpen Company Blog...
Gold price started a decent recovery wave from the $1,750 support. Crude oil price is rising and it is now trading nicely above the $74.00 level.
Important Takeaways for Gold and Oil
- Gold price started a fresh recovery wave after forming a base above $1,750 against the US Dollar.
- There is a key bearish trend line forming with resistance near $1,780 on the hourly chart of gold.
- Crude oil price climbed higher and it even surged above the $75.00 resistance.
- There was a break above a major contracting triangle with resistance near $73.65 on the hourly chart of XTI/USD.
Gold Price Technical Analysis
This week, gold price formed a decent support base above the $1,750 zone against the US Dollar. The price started a fresh upward move and it surpassed the $1,760 resistance zone.
The price even settled above the $1,765 level and the 50 hourly simple moving average. However, the price seems to be facing a strong resistance near the $1,780 zone. There is also a key bearish trend line forming with resistance near $1,780 on the hourly chart of gold.
A high is formed near $1,782 on FXOpen and the price is now consolidating gains. An upside break above the trend line could spark more gains above $1,782.
An immediate resistance on the upside is near the $1,795 level. The first major resistance is near the $1,800 level. If the price breaks the $1,800 level, it could accelerate higher. In the stated case, the price could rise towards the $1,840 zone.
Conversely, the price might resume its decline below $1,775. An initial support is near the $1,765 level. It is near the 50% Fib retracement level of the recent increase from the $1,750 low to $,1782 high.
The first major support is near the $1,760 level. The next key support is near the $1,750 level, below which the price might continue to move down towards the $1,720 level in the near term.
Read Full on FXOpen Company Blog...