Gold price is gaining pace above the $1,805 resistance zone. Crude oil price is correcting gains, but dips might be limited below the $80.00 support.
Important Takeaways for Gold and Oil
· Gold price is gaining pace and trading above the $1,820 zone against the US Dollar.
· There is a key bullish trend line with support near $1,820 on the hourly chart of gold.
· Crude oil price started a downside correction from the $82.50 resistance zone.
· There is a major bullish trend line forming with support near $81.20 on the hourly chart of XTI/USD.
Gold Price Technical Analysis
Gold price started a fresh increase from the $1,784 support zone against the US Dollar. The price gained pace above the $1,800 resistance to move into a positive zone.
The price settled well above the $1,810 level and the 50 hourly simple moving average. The price traded as high as $1,828 before there was a downside correction. The price declined below $1,820, but the bulls were active above $1,810.
A low is formed near $1,812 on FXOpen and the price is now rising. There is also a key bullish trend line with support near $1,820 on the hourly chart of gold. There was a clear move above the 50% Fib retracement level of the downward move from the $1,828 swing high to $1,812 low.
It is now trading near the $1,825 level. It is near the 76.4% Fib retracement level of the downward move from the $1,828 swing high to $1,812 low.
On the upside, the price is facing resistance near the $1,828 level. The main resistance is near the $1,830 level. A close above the $1,830 level could open the doors for a steady increase towards $1,850. The next major resistance sits near the $1,865 level.
On the downside, an initial support is near the $1,820 level. The first major support is near the $1,810 level. A downside break below the $1,810 support zone may possibly spark a steady decline. In the stated case, the price could test the $1,780 support.
Oil Price Technical Analysis
Crude oil price started a steady increase from the $77.40 support zone against the US Dollar. The price broke the $78.50 resistance zone to move into a positive zone.
The price even cleared the $80.00 level and settled above the 50 hourly simple moving average. A high was formed near $82.48 and the price is now consolidating gains. An immediate support on the downside is near the $81.20 zone.
It is near the 23.6% Fib retracement level of the upward move from the $77.41 swing low to $82.48 high. There is also a major bullish trend line forming with support near $81.20 on the hourly chart of XTI/USD.
The next major support on is near the $80.00 level. The 50% Fib retracement level of the upward move from the $77.41 swing low to $82.48 high is also near the $80.00 level, below which there is a risk of a larger decline. The next major support sits near the $78.50 level
On the upside, the price is facing resistance near the $82.00 level. The next key resistance is near the $82.50 level, above which the price might accelerate higher towards $84.50.
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.
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