Gold Price Turns Red, Crude Oil Price Faces Hurdle
Actualizado
Gold price started a major decline below the $1,800 support zone. Crude oil price is attempting a recovery wave from the $93.20 zone.
Important Takeaways for Gold and Oil
· Gold price struggled above $1,800 and declined against the US Dollar.
· There is a key bearish trend line forming with resistance near $1,750 on the hourly chart of gold.
· Crude oil price started a downside correction from the $109 and $110 resistance levels.
· There is a major bearish trend line forming with resistance near $100.10 on the hourly chart of XTI/USD.
Gold Price Technical Analysis
Gold price struggled to gain pace above the $1,815 resistance zone against the US Dollar. The price started a fresh decline and traded below the $1,800 pivot level.
There was a clear move below the $1,785 support zone and the 50 hourly simple moving average. The price even traded below the $1,750 level and formed a low near $1,732 on FXOpen. It is now consolidating losses above the $1,730 level.
Gold Price Hourly Chart
On the upside, the price is facing resistance near the $1,750 level. There is also a key bearish trend line forming with resistance near $1,750 on the hourly chart of gold.
The trend line is near the 23.6% Fib retracement level of the downward move from the $1,814 swing high to $1,732 low. A clear upside break above the trend line and the 50 hourly simple moving average could send the price towards $1,762.
The main resistance is now forming near the $1,775 level. It is near the 50% Fib retracement level of the downward move from the $1,814 swing high to $1,732 low.
A close above the $1,775 level could open the doors for a steady increase towards $1,800. The next major resistance sits near the $1,815 level. On the downside, an initial support is near the $1,735 level. The next major support is near the $1,725 level, below which there is a risk of a larger decline. In the stated case, the price could decline sharply towards the $1,700 support zone.
Oil Price Technical Analysis
Crude oil price also struggled to stay above the $110 level and started a fresh decline against the US Dollar. The price declined below the $105 support zone to move into a bearish zone.
There was a clear move below the $100 support zone and the 50 hourly simple moving average. The price traded as low as $93.16 and the price is now correcting losses. There was a move above the 23.6% Fib retracement level of the downward move from the $109.50 swing high to $93.16 low.
Oil Price Hourly Chart
On the upside, the price is facing resistance near the $100.00 level. There is also a major bearish trend line forming with resistance near $100.10 on the hourly chart of XTI/USD.
The next key resistance is near the $101.30 level or the 50% Fib retracement level of the downward move from the $109.50 swing high to $93.16 low, above which the price might accelerate higher towards $105 or even $110.
On the downside, an immediate support is near the $98.50 level. The next major support is near the $95.50 level. If there is a downside break, the price might decline towards $93.20. Any more losses may perhaps open the doors for a move towards the $90.00 support zone.
Important Takeaways for Gold and Oil
· Gold price struggled above $1,800 and declined against the US Dollar.
· There is a key bearish trend line forming with resistance near $1,750 on the hourly chart of gold.
· Crude oil price started a downside correction from the $109 and $110 resistance levels.
· There is a major bearish trend line forming with resistance near $100.10 on the hourly chart of XTI/USD.
Gold Price Technical Analysis
Gold price struggled to gain pace above the $1,815 resistance zone against the US Dollar. The price started a fresh decline and traded below the $1,800 pivot level.
There was a clear move below the $1,785 support zone and the 50 hourly simple moving average. The price even traded below the $1,750 level and formed a low near $1,732 on FXOpen. It is now consolidating losses above the $1,730 level.
Gold Price Hourly Chart
On the upside, the price is facing resistance near the $1,750 level. There is also a key bearish trend line forming with resistance near $1,750 on the hourly chart of gold.
The trend line is near the 23.6% Fib retracement level of the downward move from the $1,814 swing high to $1,732 low. A clear upside break above the trend line and the 50 hourly simple moving average could send the price towards $1,762.
The main resistance is now forming near the $1,775 level. It is near the 50% Fib retracement level of the downward move from the $1,814 swing high to $1,732 low.
A close above the $1,775 level could open the doors for a steady increase towards $1,800. The next major resistance sits near the $1,815 level. On the downside, an initial support is near the $1,735 level. The next major support is near the $1,725 level, below which there is a risk of a larger decline. In the stated case, the price could decline sharply towards the $1,700 support zone.
Oil Price Technical Analysis
Crude oil price also struggled to stay above the $110 level and started a fresh decline against the US Dollar. The price declined below the $105 support zone to move into a bearish zone.
There was a clear move below the $100 support zone and the 50 hourly simple moving average. The price traded as low as $93.16 and the price is now correcting losses. There was a move above the 23.6% Fib retracement level of the downward move from the $109.50 swing high to $93.16 low.
Oil Price Hourly Chart
On the upside, the price is facing resistance near the $100.00 level. There is also a major bearish trend line forming with resistance near $100.10 on the hourly chart of XTI/USD.
The next key resistance is near the $101.30 level or the 50% Fib retracement level of the downward move from the $109.50 swing high to $93.16 low, above which the price might accelerate higher towards $105 or even $110.
On the downside, an immediate support is near the $98.50 level. The next major support is near the $95.50 level. If there is a downside break, the price might decline towards $93.20. Any more losses may perhaps open the doors for a move towards the $90.00 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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