Gold Price Could Correct Lower, Crude Oil Price Breaks Key Suppo
Aktualisiert
Gold price climbed higher and traded above the $1,750 resistance. Crude oil price declined below the $86.00 and $83.80 support levels.
Important Takeaways for Gold and Oil
· Gold price found support near the $1,700 level and started a fresh increase against the US Dollar.
· There was a break below a key bullish trend line with support near $1,772 on the hourly chart of gold.
· Crude oil price gained bearish momentum below the $86.00 support zone.
· There is a major bearish trend line forming with resistance near $84.40 on the hourly chart of XTI/USD.
Gold Price Technical Analysis
Gold price formed a base above the $1,700 level against the US Dollar. The price started a fresh increase and was able to clear the $1,720 and $1,740 resistance levels.
There was a clear move above the $1,750 resistance and the 50 hourly simple moving average. The price even broke the $1,780 level and traded as high as $1,786 on FXOpen. Recently, there was a downside correction below the $1,775 level.
Gold Price Hourly Chart
The price traded below the 23.6% Fib retracement level of the upward move from the $1,702 swing low to $1,786 high. Besides, there was a break below a key bullish trend line with support near $1,772 on the hourly chart of gold.
An immediate support on the downside is near the $1,755 level. The next major support is near the $1,745 level or the 50% Fib retracement level of the upward move from the $1,702 swing low to $1,786 high, below which there is a risk of a larger decline.
In the stated case, the price could decline sharply towards the $1,722 support zone. On the upside, the first major resistance is near the $1,770 level.
The main resistance is now forming near the $1,785 level, above which it could even test $1,800. A clear upside break above the $1,800 resistance could send the price towards $1,840.
Oil Price Technical Analysis
Crude oil price attempted an upside break above the $90.00 resistance against the US Dollar. The price failed to gain pace and started a fresh decline below $88.00.
There was a clear move below the $86.00 and $85.00 support levels. The price even gained pace below the $83.80 support and the 50 hourly simple moving average. Finally, the bulls were active near the $81.20 support.
It is now consolidating and trading near the $82.25 zone. The first major resistance is near the $82.80 level. It is near the 23.6% Fib retracement level of the downward move from the $88.05 swing high to $81.15 low.
The main resistance sits near the $84.50 level. There is also a major bearish trend line forming with resistance near $84.40 on the hourly chart of XTI/USD.
The trend line is near the 50% Fib retracement level of the downward move from the $88.05 swing high to $81.15 low, above which the price might accelerate higher towards $86.00 or even $88.00.
On the downside, an immediate support is near the $81.25 level. The next major support is near the $80.00 level. If there is a downside break, the price might decline towards $78.00. Any more losses may perhaps open the doors for a move towards the $75.00 support zone.
Important Takeaways for Gold and Oil
· Gold price found support near the $1,700 level and started a fresh increase against the US Dollar.
· There was a break below a key bullish trend line with support near $1,772 on the hourly chart of gold.
· Crude oil price gained bearish momentum below the $86.00 support zone.
· There is a major bearish trend line forming with resistance near $84.40 on the hourly chart of XTI/USD.
Gold Price Technical Analysis
Gold price formed a base above the $1,700 level against the US Dollar. The price started a fresh increase and was able to clear the $1,720 and $1,740 resistance levels.
There was a clear move above the $1,750 resistance and the 50 hourly simple moving average. The price even broke the $1,780 level and traded as high as $1,786 on FXOpen. Recently, there was a downside correction below the $1,775 level.
Gold Price Hourly Chart
The price traded below the 23.6% Fib retracement level of the upward move from the $1,702 swing low to $1,786 high. Besides, there was a break below a key bullish trend line with support near $1,772 on the hourly chart of gold.
An immediate support on the downside is near the $1,755 level. The next major support is near the $1,745 level or the 50% Fib retracement level of the upward move from the $1,702 swing low to $1,786 high, below which there is a risk of a larger decline.
In the stated case, the price could decline sharply towards the $1,722 support zone. On the upside, the first major resistance is near the $1,770 level.
The main resistance is now forming near the $1,785 level, above which it could even test $1,800. A clear upside break above the $1,800 resistance could send the price towards $1,840.
Oil Price Technical Analysis
Crude oil price attempted an upside break above the $90.00 resistance against the US Dollar. The price failed to gain pace and started a fresh decline below $88.00.
There was a clear move below the $86.00 and $85.00 support levels. The price even gained pace below the $83.80 support and the 50 hourly simple moving average. Finally, the bulls were active near the $81.20 support.
It is now consolidating and trading near the $82.25 zone. The first major resistance is near the $82.80 level. It is near the 23.6% Fib retracement level of the downward move from the $88.05 swing high to $81.15 low.
The main resistance sits near the $84.50 level. There is also a major bearish trend line forming with resistance near $84.40 on the hourly chart of XTI/USD.
The trend line is near the 50% Fib retracement level of the downward move from the $88.05 swing high to $81.15 low, above which the price might accelerate higher towards $86.00 or even $88.00.
On the downside, an immediate support is near the $81.25 level. The next major support is near the $80.00 level. If there is a downside break, the price might decline towards $78.00. Any more losses may perhaps open the doors for a move towards the $75.00 support zone.
Anmerkung
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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