Gold price made an attempt to surpass the $1,860 resistance, but there was a major rejection. Crude oil price seems to be consolidating gains above $51.50 and $51.20.
Important Takeaways for Gold and Oil
- Gold price is still trading below the main $1,860 and $1,880 resistance levels against the US Dollar.
- There is a major bearish trend line forming with resistance near $1,855 on the hourly chart of gold.
- Crude oil price seems to be facing a strong resistance near the $53.50 and $54.00 levels.
- There is likely an expanding triangle forming with support near $52.00 on the hourly chart of XTI/USD.
Gold Price Technical Analysis
Gold price settled below the main $1,900 pivot level to move into a bearish zone against the US Dollar. The price even settled below the $1,880 level and the 50 hourly simple moving average.
On the downside, the price is finding strong bids above the $1,830 and $1,835 levels. Recently, there was a sharp recovery above the $1,850 level and the 50 hourly simple moving average. However, the price failed to clear the $1,860 resistance level.
A high was formed near $1,863 on FXOpen before there was a fresh decline. A low is formed near $1,835 and the price is currently consolidating losses.
There was a break above the 23.6% Fib retracement level of the downward move from the $1,863 swing high to $1,838 low. It is now facing resistance near the $1,845 level and the 50 hourly simple moving average.
The next major resistance is near the $1,850 level. The 50% Fib retracement level of the downward move from the $1,863 swing high to $1,838 low is at $1,850. There is also a major bearish trend line forming with resistance near $1,855 on the hourly chart of gold.
On the downside, there is a connecting bullish trend line forming with support near $1,838. The first key support is near the $1,830 level. The next major support is at $1,820, below which the price might test the $1,800 support level.
Oil Price Technical Analysis
Crude oil price remained in a strong uptrend well above the $50.00 resistance zone against the US Dollar. The price settled nicely above $52.00 and it even made a few attempts to gain strength above the $54.00 level.
The recent high was formed near $53.47 before the price trimmed most gains. It broke the $53.00 support and tested the $52.00 level.
A low is formed near $51.98 and the price is currently consolidating. It tested the 23.6% Fib retracement level of the recent decline from the $53.47 high to $51.98 low. The first major resistance is near the $52.55 level and the 50 hourly simple moving average.
The next key resistance is near the $52.75 level or the 50% Fib retracement level of the recent decline from the $53.47 high to $51.98 low.
Moreover, it seems like there is likely an expanding triangle forming with support near $52.00 on the hourly chart of XTI/USD. If there are more downsides below the triangle support, the price could test the $51.50 support.
The next key support is near the $51.20 level. On the upside, the $53.50 and $54.00 levels are major hurdles. A clear break above $54.00 may possibly lead the price towards the $55.00 level.
Trade global forex with the best ECN broker of 2021*. Choose from 50+ forex markets 24/5. Open your FXOpen account now or learn more about making your money go further with FXOpen.
* FXOpen International, best ECN broker of 2021, according to the IAFT
