Gold Price Faces Resistance While Oil Price Aims Higher

FXOpen

Gold price started a fresh decline from the $1,920 resistance. Crude oil price is rising and might gain pace above the $107 resistance.

Important Takeaways for Gold and Oil

· Gold price started a fresh decline from well above the $1,900 zone against the US Dollar.

· There is a key bearish trend line forming with resistance near $1,840 on the hourly chart of gold.

· Crude oil price gained pace after it broke the $102 and $104 resistance levels.

· There was a break above a major bearish trend line with resistance near $104.05 on the hourly chart of XTI/USD.

Gold Price Technical Analysis

Gold price struggled to gain pace for a move above the $1,920 resistance against the US Dollar. The price started a fresh decline below the $1,900 support zone.

There was a clear move below the $1,880 level and the 50 hourly simple moving average. The price even declined below the $1,850 support to move into a bearish zone. It traded as low as $1,810 on FXOpen and now correcting losses.

Gold Price Hourly Chart

There was a move above the $1,820 resistance. The price broke the 23.6% Fib retracement level of the downward move from the $1,858 swing high to $1,810 low.

On the upside, the price is facing resistance near the $1,835 level. It is near the 50% Fib retracement level of the downward move from the $1,858 swing high to $1,810 low. Besides, there is a key bearish trend line forming with resistance near $1,840 on the hourly chart of gold.

The main resistance is now forming near the $1,840 level. A close above the $1,840 level could open the doors for a steady increase towards $1,880. The next major resistance sits near the $1,900 level.

On the downside, an initial support is near the $1,820 level. The next major support is near the $1,810 level, below which there is a risk of a larger decline and the price might even struggle to stay above $1,800.

Oil Price Technical Analysis

Crude oil price formed a base above the $98 level against the US Dollar. The price started a major increase above the $99 and $100 resistance levels.

The price climbed above the $102 level and the 50 hourly simple moving average. There was a break above a major bearish trend line with resistance near $104.05 on the hourly chart of XTI/USD.

Oil Price Hourly Chart

The price was able to settle above the $104 level and the 50% Fib retracement level of the key decline from the $110 swing high to $97.17 swing low. It is now showing positive signs above the $106 level. An immediate resistance is near the $107 level.

The next key resistance is near the $108.00 level, above which the price might accelerate higher towards $110.00. An immediate support is near the $105.10 level.

The next major support is near the $103.30 level and the 50 hourly simple moving average. If there is a downside break, the price might decline towards $102. Any more losses may perhaps open the doors for a move towards the $100 support zone in the coming sessions.

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 global forex with the Innovative Broker of 2022*. Choose from 50+ forex markets 24/5. Open your FXOpen account now or learn more about trading forex with FXOpen.

* FXOpen International, Innovative Broker of 2022, according to the IAFT

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

Market Analysis: US Currency Continues to Grow Ahead of GDP Data Release Market Analysis: Gold and Commodity Currencies Resume Their Decline Market Analysis: EUR/USD Takes Hit While USD/CHF Surges Market Analysis: The Yen and European Currencies Headed to New Lows Market Analysis: US Federal Reserve Contemplates Future Interest Rate Hikes Amid Economic Resilience

Latest articles

Financial Market News

US Government Shutdown: Assessing Economic Impact and Recession Risks

The recurring spectre of a government shutdown has once again loomed over the United States, prompting concerns about its potential economic consequences. The shutdown may occur this weekend unless lawmakers agree on spending levels and whether to give more aid

Indices

S&P 500 Analysis: Price Reaches The Edge of Abyss

Investors in the US stock market have serious reasons to worry: → The likelihood of a shutdown of government agencies is becoming more and more real. It could happen as early as next week if a budget agreement is not reached

Cryptocurrencies

Bitcoin Cash Analysis: Promising Resistance Breakout

Yesterday, the head of the SEC regulator, Gary Gensler, answered questions for 4 hours before the Financial Services Committee of the US House of Representatives, which, among other things, related to cryptocurrencies. What has become known: → on the eve of

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. 60% 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.