Market Analysis: Gold Price and Crude Oil Price Signal Negative Trend
Gold price is moving lower from the $1,930 resistance. Crude oil price is also declining and showing bearish signs below $80.00.
Important Takeaways for Gold and Oil Prices Analysis Today
· Gold price failed to clear the 1,930 resistance and moved lower against the US Dollar.
· A major bearish trend line is forming with resistance near $1,895 on the hourly chart of gold at FXOpen.
· Crude oil prices are also moving lower below the $80.00 resistance zone.
· There is a key bearish trend line forming with resistance near $80.00 on the hourly chart of XTI/USD at FXOpen.
Gold Price Technical Analysis
On the hourly chart of Gold at FXOpen, the price struggled to settle above the $1,930 resistance. The price started a fresh decline below the $1,920 pivot level.
The price traded below the $1,900 support and the 50-hour simple moving average. It tested the $1,885 zone. A low is formed near $1,885 and the price is now consolidating losses. It is now testing the 50% Fib retracement level of the downward move from the $1,903 swing high to the $1,885 low.
There is also a major bearish trend line forming with resistance near $1,895 and the 50-hour simple moving average. The next major resistance is near the 76.4% Fib retracement level of the downward move from the $1,903 swing high to the $1,885 low at $1,900.
An upside break above the $1,900 resistance could send Gold price toward $1,910. Any more gains may perhaps set the pace for an increase toward the $1,930 level.
Initial support on the downside is near the $1,885 level. The first major support is near the $1,875 level. If there is a downside break below the $1,875 support, the price might decline further. In the stated case, the price might drop toward the $1,850 support.
Oil Price Technical Analysis
On the hourly chart of WTI Crude Oil at FXOpen, the price struggled to continue higher above $84.00 against the US Dollar. The price formed a short-term top and started a fresh decline below $83.00.
There was a steady decline below the $81.45 pivot level. The bears even pushed the price below $80.00 and the 50-hour simple moving average. Finally, it tested the $78.60 zone. A low is formed near $78.58 and the price is now attempting a recovery wave.
There was a move above the 50-hour simple moving average. However, the price is struggling near the 23.6% Fib retracement level of the downward move from the $84.30 swing high to the $78.58 low.
There is also a key bearish trend line forming with resistance near $80.00. If the price climbs further higher, it could face resistance near the 50% Fib retracement level of the downward move from the $84.30 swing high to the $78.58 low at $81.45.
Any more gains might send the price toward the $82.50 level. Conversely, the price might start another decline and retest the 50-hour simple moving average. The next major support on the WTI crude oil chart is near $78.60.
If there is a downside break, the price might decline toward $77.50. Any more losses may perhaps open the doors for a move toward the $76.20 support zone.