Market Analysis: Gold Price and Crude Oil Price Turn Red

FXOpen

Gold price is moving lower below the $1,928 support. Crude oil price is also declining and remains at a risk of more losses below $69.00.

Important Takeaways for Gold and Oil Prices Analysis Today

· Gold price failed to clear the $1,965 resistance and start a fresh decline against the US Dollar.

· It is now following a key bearish trend line with resistance near $1,915 on the hourly chart of gold at FXOpen.

· Crude oil prices are also moving lower below $71.20 and $70.20 levels.

· There was a break below a major bullish trend line with support near $70.85 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 start a fresh increase above the $1,965 resistance. The price started a fresh decline below the $1,938 support.

There was a close below the 50-hour simple moving average and $1,928. It tested the $1,910 support zone. A low is formed at $1,910.40 and the price is now consolidating losses. It is following a key bearish trend line with resistance near $1,915.

The trend line is close to the 23.6% Fib retracement level of the downward move from the $1,955 swing high to the $1,910 low. The next major resistance is near the 50-hour simple moving average at $1,928.

The 61.8% Fib retracement level of the downward move from the $1,955 swing high to the $1,910 low is also near $1,928. An upside break above the $1,928 resistance could send Gold price toward $1,938. Any more gains may perhaps set the pace for an increase toward the $1,955 level.

Initial support on the downside is near the $1,910 level. The first major support is near the $1,900 level. The main support sits near the $1,885 level. If there is a downside break below the $1,885 support, the price might decline further. In the stated case, the price might drop toward the $1,865 support.

Oil Price Technical Analysis

On the hourly chart of WTI Crude Oil at FXOpen, the price struggled to rise above the $72.60 resistance against the US Dollar. A high was formed near $72.68 and there was a downward move.

There was a break below a major bullish trend line with support near $70.85. The price declined below the 50-hour simple moving average and RSI dropped below 30. It is now consolidating near the 1.236 Fib extension level of the upward move from the $69.74 swing low to the $72.68 high.

The next major support on the WTI crude oil chart is near $67.90. It coincides with the 1.618 Fib extension level of the upward move from the $69.74 swing low to the $72.68 high.

If there is a downside break, the price might decline toward $67.00. Any more losses may perhaps open the doors for a move toward the $65.50 support zone. If there is a recovery wave, the price might face resistance near $70.20.

The first major resistance is near the 50-hour simple moving average at $71.20. Any more gains might send the price toward the $72.60 level in the coming days.

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This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

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