Gold Price Faces Resistance While Oil Price Aims Higher
Güncellendi
Gold price started a fresh decline from the $1,920 resistance. Crude oil price is rising and might gain pace above the $107 resistance.
Important Takeaways for Gold and Oil
· Gold price started a fresh decline from well above the $1,900 zone against the US Dollar.
· There is a key bearish trend line forming with resistance near $1,840 on the hourly chart of gold.
· Crude oil price gained pace after it broke the $102 and $104 resistance levels.
· There was a break above a major bearish trend line with resistance near $104.05 on the hourly chart of XTI/USD.
Gold Price Technical Analysis
Gold price struggled to gain pace for a move above the $1,920 resistance against the US Dollar. The price started a fresh decline below the $1,900 support zone.
There was a clear move below the $1,880 level and the 50 hourly simple moving average. The price even declined below the $1,850 support to move into a bearish zone. It traded as low as $1,810 on FXOpen and now correcting losses.
Gold Price Hourly Chart
There was a move above the $1,820 resistance. The price broke the 23.6% Fib retracement level of the downward move from the $1,858 swing high to $1,810 low.
On the upside, the price is facing resistance near the $1,835 level. It is near the 50% Fib retracement level of the downward move from the $1,858 swing high to $1,810 low. Besides, there is a key bearish trend line forming with resistance near $1,840 on the hourly chart of gold.
The main resistance is now forming near the $1,840 level. A close above the $1,840 level could open the doors for a steady increase towards $1,880. The next major resistance sits near the $1,900 level.
On the downside, an initial support is near the $1,820 level. The next major support is near the $1,810 level, below which there is a risk of a larger decline and the price might even struggle to stay above $1,800.
Important Takeaways for Gold and Oil
· Gold price started a fresh decline from well above the $1,900 zone against the US Dollar.
· There is a key bearish trend line forming with resistance near $1,840 on the hourly chart of gold.
· Crude oil price gained pace after it broke the $102 and $104 resistance levels.
· There was a break above a major bearish trend line with resistance near $104.05 on the hourly chart of XTI/USD.
Gold Price Technical Analysis
Gold price struggled to gain pace for a move above the $1,920 resistance against the US Dollar. The price started a fresh decline below the $1,900 support zone.
There was a clear move below the $1,880 level and the 50 hourly simple moving average. The price even declined below the $1,850 support to move into a bearish zone. It traded as low as $1,810 on FXOpen and now correcting losses.
Gold Price Hourly Chart
There was a move above the $1,820 resistance. The price broke the 23.6% Fib retracement level of the downward move from the $1,858 swing high to $1,810 low.
On the upside, the price is facing resistance near the $1,835 level. It is near the 50% Fib retracement level of the downward move from the $1,858 swing high to $1,810 low. Besides, there is a key bearish trend line forming with resistance near $1,840 on the hourly chart of gold.
The main resistance is now forming near the $1,840 level. A close above the $1,840 level could open the doors for a steady increase towards $1,880. The next major resistance sits near the $1,900 level.
On the downside, an initial support is near the $1,820 level. The next major support is near the $1,810 level, below which there is a risk of a larger decline and the price might even struggle to stay above $1,800.
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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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