Gold Price Correcting Gains While Crude Oil Price Is Climbing

FXOpen

Gold price is failed to continue above $1,550 and $1,555, and recently started a downside correction. Crude oil price is currently rising and it could climb above $57.00.

Important Takeaways for Gold and Oil

  • Gold price is currently correcting lower below the $1,540 support area against the US Dollar.
  • There was a break below a major bullish trend line with support near $1,535 on the hourly chart of gold.
  • Crude oil price is showing a few positive signs and it could climb above the $57.00 resistance.
  • There is a key bullish trend line forming with support near $55.00 on the hourly chart of XTI/USD.

Gold Price Technical Analysis

Earlier this week, gold price climbed above the $1,535 and $1,540 resistance levels against the US Dollar. The price even broke the $1,550 resistance level and traded to a new yearly high at $1,555.

However, the price struggled to gain momentum above the $1,550 and $1,555 resistance levels. The last swing high was formed near $1,550 on FXOpen and the price started a fresh downside correction.

Gold Price Technical Analysis Chart

The price broke the $1,540 support and the 50 hourly simple moving average. Moreover, there was a break below a major bullish trend line with support near $1,535 on the hourly chart of gold. The price even broke the $1,525 support level.

The recent low was formed near $1,519 and the price is currently correcting higher. It tested the 23.6% Fib retracement level of the recent decline from the $1,550 high to $1,519 low.

However, there are many hurdles on the upside near the $1,535 and $1,540 levels. Moreover, the 50% Fib retracement level of the recent decline from the $1,550 high to $1,519 low is positioned near the $1,535 level to act as a resistance.

Therefore, if the price corrects higher, it could struggle near the $1,535 and $1,540 resistance levels. On the downside, an immediate support is near the $1,520 level. If there is a downside break below the $1,520 support area, the price could decline further towards the $1,505 and $1,500 support levels.

Oil Price Technical Analysis

There was a strong support formed near $53.20 in crude oil price against the US Dollar. The price started a steady rise and climbed above the $54.00 and $55.00 resistance levels.

It opened the doors for more gains above the $55.50 resistance and the 50 hourly simple moving average. Finally, the price surged above $56.00 and traded to a new weekly high at $56.73.

Oil Price Technical Analysis Chart

At the moment, the price is consolidating losses near the $56.40 level plus the 23.6% Fib retracement level of the recent wave from the $55.29 low to $56.73 high. On the downside, there are many supports near the $56.20 and $56.00 levels.

The 50% Fib retracement level of the recent wave from the $55.29 low to $56.73 high is also near the $56.00 level to act as a support. Moreover, there is a key bullish trend line forming with support near $55.00 on the hourly chart of XTI/USD.

An intermediate support is near the $55.80 level and the 50 hourly simple moving average. Therefore, a downside correction from the current levels remain supported near $56.00 and $55.80.

On the upside, a clear break above the $57.00 resistance area is likely to open the doors for more gains towards the $58.00 and $58.40 resistance levels in the near term.

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.

Latest from Forex Analysis

Commodities and European currencies Test Key Supports EUR/USD Analysis: The Price Today Has Set Its Minimum Since the Beginning of March Market Analysis: GBP/USD Dives While USD/CAD Gains Bullish Pace The US Currency Corrects After Recent Growth USD/JPY Price Analysis: Consolidation ahead of US News

Latest articles

Forex Analysis

Commodities and European currencies Test Key Supports

On the eve of the Easter holidays, the main currency pairs have slightly slowed down the development of the main trends and are consolidating near key ranges, the breakdown of which could provoke a change in the vectors of medium-term

Shares

Stock Market Analysis: NVDA Losing Leadership?

Since the start of the week, the S&P-500 Index (US500) is up about 0.58% while NVDA's share price is down about 3.8%. This is a worrying sign for Nvidia stock investors — could it be a sign

Forex Analysis

EUR/USD Analysis: The Price Today Has Set Its Minimum Since the Beginning of March

As the EUR/USD chart shows at the start of the European session today, the exchange rate has dropped below EUR 1.08 per US dollar.

Tuesday's news contributed to this. According to Nasdaq.com, on March 26, 2024, The

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 65.68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.