Gold price started a decent recovery wave from the $1,750 support. Crude oil price is rising and it is now trading nicely above the $74.00 level.
Important Takeaways for Gold and Oil
- Gold price started a fresh recovery wave after forming a base above $1,750 against the US Dollar.
- There is a key bearish trend line forming with resistance near $1,780 on the hourly chart of gold.
- Crude oil price climbed higher and it even surged above the $75.00 resistance.
- There was a break above a major contracting triangle with resistance near $73.65 on the hourly chart of XTI/USD.
Gold Price Technical Analysis
This week, gold price formed a decent support base above the $1,750 zone against the US Dollar. The price started a fresh upward move and it surpassed the $1,760 resistance zone.
The price even settled above the $1,765 level and the 50 hourly simple moving average. However, the price seems to be facing a strong resistance near the $1,780 zone. There is also a key bearish trend line forming with resistance near $1,780 on the hourly chart of gold.
A high is formed near $1,782 on FXOpen and the price is now consolidating gains. An upside break above the trend line could spark more gains above $1,782.
An immediate resistance on the upside is near the $1,795 level. The first major resistance is near the $1,800 level. If the price breaks the $1,800 level, it could accelerate higher. In the stated case, the price could rise towards the $1,840 zone.
Conversely, the price might resume its decline below $1,775. An initial support is near the $1,765 level. It is near the 50% Fib retracement level of the recent increase from the $1,750 low to $,1782 high.
The first major support is near the $1,760 level. The next key support is near the $1,750 level, below which the price might continue to move down towards the $1,720 level in the near term.
Oil Price Technical Analysis
Crude oil price extended its upward move above the $72.00 level against the US Dollar. The price even climbed above the $74.00 level and it traded to a new multi-month high.
During the increase, there was a break above a major contracting triangle with resistance near $73.65 on the hourly chart of XTI/USD. A high was formed near $75.66 before the price started a downside correction. There was a break below the $75.00, but the price remained well above the 50 hourly simple moving average.
It tested the 38.2% Fib retracement level of the recent increase from the $71.68 swing low to $75.66 high. On the downside, an initial support is forming near the $74.00 level.
The main support is now forming near the $73.65 level. It is near the 50% Fib retracement level of the recent increase from the $71.68 swing low to $75.66 high. A downside break below the $73.65 level could open the doors for a move towards the $72.00 support level.
On the upside, an initial resistance is near the $75.50 level. The next key resistance is near the $75.65 level. Any more gains could lift the price towards the $78.00 resistance zone in the near term.
This forecast represents FXOpen Markets Limited opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Markets Limited products and services or as financial advice.