Gold Price Could Dip While Crude Oil Price Trades In Range

FXOpen

Gold price is struggling to stay above the $1,925 support. Crude oil price is facing a strong resistance near the $82 zone.

Important Takeaways for Gold and Oil

· Gold price started a strong increase and tested $1,950 against the US Dollar.

· There is a key bullish trend line forming with support near $1,925 on the hourly chart of gold.

· Crude oil price started a fresh increase from the $79.50 support zone.

· There is a major bullish trend line forming with support near $80.40 on the hourly chart of XTI/USD.

Gold Price Technical Analysis

Gold price formed a base above the $1,900 level against the US Dollar. The price started a strong increase above the $1,915 and $1,920 resistance levels to move into a positive zone.

The bulls even pumped the price above the $1,940 and the 50 hourly simple moving average. The price even tested the $1,950 zone. A high is formed near $1,949 on FXOpen and the price is now correcting gains.

Gold Price Hourly Chart

There was a move below the $1,940 level and the 50 hourly simple moving average. The price even dipped below the $1,920 level before the bulls appeared.

Recently, there was a recovery wave above the 23.6% Fib retracement level of the downward move from the $1,949 swing high to $1,918 low. However, the bears are active below the $1,935 level and the 50 hourly simple moving average.

The price failed to clear the 50% Fib retracement level of the downward move from the $1,949 swing high to $1,918 low. It is now moving lower below $1,930.

An immediate support on the downside is near the $1,925 level. There is also a key bullish trend line forming with support near $1,925 on the hourly chart of gold. The next major support is near the $1,915 level, below which there is a risk of a larger decline. In the stated case, the price could decline sharply towards the $1,900 support zone.

On the upside, the first major resistance is near the $1,930 level. The next key hurdle is near the $1,935 level, above which it could even test $1,950. A clear upside break above the $1,950 resistance could send the price towards $1,965.

Oil Price Technical Analysis

Crude oil price also started a fresh increase from the $79.50 support zone against the US Dollar. The price was able to clear the $81.00 and $81.20 resistance levels.

The bulls were able to pump the price above the 50% Fib retracement level of the downward move from the $82.65 swing high to $79.51 low. The price even gained pace above the $81.50 level and the 50 hourly simple moving average.

Oil Price Hourly Chart

Finally, the bears appeared near the $82.00 level. It failed to clear the 76.4% Fib retracement level of the downward move from the $82.65 swing high to $79.51 low.

On the downside, an immediate support is near the $81.00 level. The next major support is near the $80.40 level. There is also a major bullish trend line forming with support near $80.40 on the hourly chart of XTI/USD.

If there is a downside break, the price might decline towards $79.50. Any more losses may perhaps open the doors for a move towards the $78.00 support zone.

On the upside, the price might face resistance near $81.80. The first major resistance is near the $82.00 level. The main resistance sits near the $82.65 level, above which the price might accelerate higher towards $84.00 or even $85.00.

This forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as financial advice.

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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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