Gold Price Gains Momentum While Crude Oil Price Faces Hurdle
Gold price is trading in a positive zone above the $1,825 support. Crude oil price is facing hurdles near $82.20 and $83.00.
Important Takeaways for Gold and Oil
Gold Price Technical Analysis
Gold price started a fresh increase above the $1,800 pivot level against the US Dollar. The price gained pace and it was able to settle above the $1,820 resistance zone.
The price even settled above the $1,820 level and the 50 hourly simple moving average. Finally, there was a break above the $1,850 level. A high was formed near $1,867 on FXOpen and the price corrected lower. There was a break below the $1,860 level and the $1,855 support.
Gold Price Hourly Chart
The price even traded below the 50% Fib retracement level of the upward move from the $1,822 swing low to $1,867 high.
However, the bulls remained active near $1,842. The price is also stable above the 61.8% Fib retracement level of the upward move from the $1,822 swing low to $1,867 high. Besides, there is a key bullish trend line forming with support near $1,842 on the hourly chart of gold.
The price is back above the $1,855 level and the 50 hourly simple moving average. An immediate resistance on the upside is near the $1,862 level.
The main resistance is near the $1,870 level. A close above the $1,870 level could open the doors for a steady increase towards $1,885. The next major resistance sits near the $1,900 level. On the downside, an initial support is near the $1,855 level.
The first major support is near the $1,850 level. A downside break below the $1,850 support zone may possibly spark a steady decline. In the stated case, the price could test the $1,820 support.
Read Full on FXOpen Company Blog...
Gold price is trading in a positive zone above the $1,825 support. Crude oil price is facing hurdles near $82.20 and $83.00.
Important Takeaways for Gold and Oil
- Gold price started a decent increase above the $1,820 resistance against the US Dollar.
- There is a key bullish trend line forming with support near $1,842 on the hourly chart of gold.
- Crude oil price is struggling to gain pace for a move above the $82.20 level.
- There was a break below a major bullish trend line with support near $81.65 on the hourly chart of XTI/USD.
Gold Price Technical Analysis
Gold price started a fresh increase above the $1,800 pivot level against the US Dollar. The price gained pace and it was able to settle above the $1,820 resistance zone.
The price even settled above the $1,820 level and the 50 hourly simple moving average. Finally, there was a break above the $1,850 level. A high was formed near $1,867 on FXOpen and the price corrected lower. There was a break below the $1,860 level and the $1,855 support.
Gold Price Hourly Chart
The price even traded below the 50% Fib retracement level of the upward move from the $1,822 swing low to $1,867 high.
However, the bulls remained active near $1,842. The price is also stable above the 61.8% Fib retracement level of the upward move from the $1,822 swing low to $1,867 high. Besides, there is a key bullish trend line forming with support near $1,842 on the hourly chart of gold.
The price is back above the $1,855 level and the 50 hourly simple moving average. An immediate resistance on the upside is near the $1,862 level.
The main resistance is near the $1,870 level. A close above the $1,870 level could open the doors for a steady increase towards $1,885. The next major resistance sits near the $1,900 level. On the downside, an initial support is near the $1,855 level.
The first major support is near the $1,850 level. A downside break below the $1,850 support zone may possibly spark a steady decline. In the stated case, the price could test the $1,820 support.
Read Full on FXOpen Company Blog...