Gold Price Recovers While Crude Oil Price Aims Upside Break
Atualizado
Gold price started an upside correction from the $1,615 zone. Crude oil price is rising and might clear the $90 resistance zone.
Important Takeaways for Gold and Oil
· Gold price found support near the $1,616 level and corrected higher against the US Dollar.
· There is a key bearish trend line forming with resistance near $1,650 on the hourly chart of gold.
· Crude oil price is showing positive signs above the $87.20 support zone.
· There was a break below a connecting bullish trend line with support near $88.30 on the hourly chart of XTI/USD.
Gold Price Technical Analysis
Gold price failed to gain strength for a move above the $1,665 resistance against the US Dollar. The price started a fresh decline and traded below the $1,650 support level.
There was a clear move below the $1,635 support zone and the 50 hourly simple moving average. The price traded as low as $1,616 on FXOpen and recently there was a recovery wave. The price was able to clear the $1,630 resistance zone.
Gold Price Hourly Chart
The price even climbed above the 38.2% Fib retracement level of the downward move from the $1,669 swing high to $1,616 low. It is now facing resistance near the $1,640 level and the 50 hourly simple moving average.
The first major resistance is near the $1,644 level. It is near the 50% Fib retracement level of the downward move from the $1,669 swing high to $1,616 low.
There is also a key bearish trend line forming with resistance near $1,650 on the hourly chart of gold. The main resistance is now forming near the $1,655 level, above which it could even test $1,670. A clear upside break above the $1,670 resistance could send the price towards $1,700.
An immediate support on the downside is near the $1,630 level. The next major support is near the $1,620 level, below which there is a risk of a larger decline. In the stated case, the price could decline sharply towards the $1,600 support zone.
Important Takeaways for Gold and Oil
· Gold price found support near the $1,616 level and corrected higher against the US Dollar.
· There is a key bearish trend line forming with resistance near $1,650 on the hourly chart of gold.
· Crude oil price is showing positive signs above the $87.20 support zone.
· There was a break below a connecting bullish trend line with support near $88.30 on the hourly chart of XTI/USD.
Gold Price Technical Analysis
Gold price failed to gain strength for a move above the $1,665 resistance against the US Dollar. The price started a fresh decline and traded below the $1,650 support level.
There was a clear move below the $1,635 support zone and the 50 hourly simple moving average. The price traded as low as $1,616 on FXOpen and recently there was a recovery wave. The price was able to clear the $1,630 resistance zone.
Gold Price Hourly Chart
The price even climbed above the 38.2% Fib retracement level of the downward move from the $1,669 swing high to $1,616 low. It is now facing resistance near the $1,640 level and the 50 hourly simple moving average.
The first major resistance is near the $1,644 level. It is near the 50% Fib retracement level of the downward move from the $1,669 swing high to $1,616 low.
There is also a key bearish trend line forming with resistance near $1,650 on the hourly chart of gold. The main resistance is now forming near the $1,655 level, above which it could even test $1,670. A clear upside break above the $1,670 resistance could send the price towards $1,700.
An immediate support on the downside is near the $1,630 level. The next major support is near the $1,620 level, below which there is a risk of a larger decline. In the stated case, the price could decline sharply towards the $1,600 support zone.
Nota
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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