Gold Price And Crude Oil Price Hold Key Support
Actualizado
Gold price is trading above a major support near $1,850. Similarly, crude oil price must stay above $94.30 to remain in a positive zone.
Important Takeaways for Gold and Oil
· Gold price started a downside correction from the $2,070 high against the US Dollar.
· There is a major bullish trend line forming with support near $1,830 on the daily chart of gold.
· Crude oil price also started a downside correction from the $126.37 high.
· There is a key bullish trend line forming with support near $97.00 on the daily chart of XTI/USD.
Gold Price Technical Analysis
This past month, gold price started a strong increase from the $1,780 support zone against the US Dollar. There was a clear break above the $1,800 and $1,900 resistance levels.
The price accelerated its gains above the $2,000 level and settled well above the 50-day simple moving average. It traded to a new m
Gold Price Daily Chart
There was a break below the 50% Fib retracement level of the upward move from the $1,780 low to $2,070 high. It even traded below $1,925 and the 50-day simple moving average.
An initial support on the downside is near the $1,872 level. The main support is near the $1,850 level and the 76.4% Fib retracement level of the upward move from the $1,780 low to $2,070 high. There is also a major bullish trend line forming with support near $1,830 on the daily chart of gold.
Any further losses may perhaps open the doors for a larger decline towards the $1,800 and $1,780 levels in the near term. On the upside, an initial resistance is near the $1,925 level.
The first major resistance is near the $1,935 level. A clear break above the $1,935 barrier might call for a move towards $2,000.
Important Takeaways for Gold and Oil
· Gold price started a downside correction from the $2,070 high against the US Dollar.
· There is a major bullish trend line forming with support near $1,830 on the daily chart of gold.
· Crude oil price also started a downside correction from the $126.37 high.
· There is a key bullish trend line forming with support near $97.00 on the daily chart of XTI/USD.
Gold Price Technical Analysis
This past month, gold price started a strong increase from the $1,780 support zone against the US Dollar. There was a clear break above the $1,800 and $1,900 resistance levels.
The price accelerated its gains above the $2,000 level and settled well above the 50-day simple moving average. It traded to a new m
Gold Price Daily Chart
There was a break below the 50% Fib retracement level of the upward move from the $1,780 low to $2,070 high. It even traded below $1,925 and the 50-day simple moving average.
An initial support on the downside is near the $1,872 level. The main support is near the $1,850 level and the 76.4% Fib retracement level of the upward move from the $1,780 low to $2,070 high. There is also a major bullish trend line forming with support near $1,830 on the daily chart of gold.
Any further losses may perhaps open the doors for a larger decline towards the $1,800 and $1,780 levels in the near term. On the upside, an initial resistance is near the $1,925 level.
The first major resistance is near the $1,935 level. A clear break above the $1,935 barrier might call for a move towards $2,000.
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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