News & Analysis / Analysis / Gold Price and Crude Oil Price At Risk of Downside Break

Gold Price and Crude Oil Price At Risk of Downside Break

FXOpen

Gold price is correcting lower and trading below $2,000. Crude oil price is facing an increase in selling pressure below $105.

Important Takeaways for Gold and Oil

· Gold price started a downside correction after a strong rally to $2,070 against the US Dollar.

· There is a key bullish trend line forming with support near $1,985 on the hourly chart of gold.

· Crude oil price corrected lower, but it found support near $100.00.

· There was a break below a short-term ascending channel with support near $108.10 on the hourly chart of XTI/USD.

Gold Price Technical Analysis

Gold price formed a support base near $1,950 and started a fresh increase against the US Dollar. The price gained pace for a move above the $2,000 level to move into a positive zone.

There was a clear move above the $2,020 level and the 50 hourly simple moving average. The price even climbed above the $2,050 resistance level. A high was formed near $2,070 on FXOpen before the price started a downside correction.

Gold Price Hourly Chart

There was a break below the $2,000 level. The price even spiked below the $1,980 level, but it found support near $1,970. A low is formed near $1,970 and the price is now consolidating.

There was a move above the 23.6% Fib retracement level of the recent decline from the $2,070 swing high to $1,970 low. On the upside, the price is facing resistance near the $2,000 level and the 50 hourly simple moving average.

The main resistance is now forming near the $2,020 level. The 50% Fib retracement level of the recent decline from the $2,070 swing high to $1,970 low is also near $2,020. A close above the $2,020 level could open the doors for a steady increase towards $2,050. The next major resistance sits near the $2,070 level.

On the downside, an initial support is near the $1,985 level. There is also key bullish trend line forming with support near $1,985 on the hourly chart of gold. If there is a downside break below the $1,985 level, the price could decline to $1,920.

Oil Price Technical Analysis

Crude oil price started a steady increase from the $100.00 support zone against the US Dollar. The price broke the $115.00 resistance zone to move into a positive zone.

The price even cleared the $120.00 level and settled above the 50 hourly simple moving average. A high was formed near $126.5 and the price started a downside correction. It traded below $115.00, but the bulls are active near $100.00.

Oil Price Hourly Chart

There was another increase, but the price failed to clear the $112.00 zone. It started a fresh decline below $110.00. There was a break below a short-term ascending channel with support near $108.10 on the hourly chart of XTI/USD.

It is now consolidating near the $102.00 level. The next major support is near the $100.00 level, below which there is a risk of a larger decline. In the stated case, the price might slide towards the $92.50 support zone.

On the upside, the price is facing resistance near the $105.50 level. It is near the 38.2% Fib retracement level of the recent decline from the $111.81 swing high to $101.89 low.

The next key resistance is near the $106.85 level or the 50% Fib retracement level of the recent decline from the $111.81 swing high to $101.89 low, above which the price might accelerate higher towards $115.00.

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.

Trade over 50 forex markets 24 hours a day with FXOpen. Take advantage of low commissions, deep liquidity, and spreads from 0.0 pips. Open your FXOpen account now or learn more about trading forex with FXOpen.

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.

Stay ahead of the market!

Subscribe now to our mailing list and receive the latest market news and insights delivered directly to your inbox.

forex

Instrument
Live ECN bid
Live ECN ask
Action
EURUSD
1.09143
1.09143
Trade
GBPUSD
1.29831
1.29833
Trade
AUDUSD
0.63854
0.63855
Trade
USDJPY
149.468
149.472
Trade
USDCAD
1.42929
1.42937
Trade
More
Forex Trading with FXOpen

Forex Trading with FXOpen

Experience ECN technology for deep liquidity and light-speed trade execution

  • Access over 50 markets
  • Trade with spreads from 0.0 pips
  • Take advantage of commissions from $1.50/lot
Learn more

Latest articles

Market Insights with Gary Thomson: Canada’s Inflation, Fed and BoE Interest Rates, Earnings Reports
Financial Market News

Market Insights with Gary Thomson: Canada’s Inflation, Fed and BoE Interest Rates, Earnings Reports

In this video, we’ll explore the key economic events, market trends, and corporate news shaping the financial landscape. Get ready for expert insights into forex, commodities, and stocks to help you navigate the week ahead. Let’s dive in!

Indices

S&P 500 Analysis: How Long Could the Stock Market Correction Last?

Six days ago, we noted that the Nasdaq 100 had entered a correction phase. Now, the S&P 500 (US SPX 500 mini on FXOpen) has followed suit, closing more than 10% below its 19 February peak on Thursday,

Shares

Spotify (SPOT) Shares Rise by Nearly 7%

According to the stock chart of music streaming giant Spotify (SPOT), the share price:
→ Increased by almost 7% by the end of trading on Friday.
→ Has surged approximately 28% since the start of 2025—one of the strongest performances in