Gold Price Drops While Crude Oil Price Aims Fresh Increase
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Gold Price Drops While Crude Oil Price Aims Fresh Increase
Gold price started a fresh decline and traded below $1,650. Crude oil price is holding the $84.25 support and might start a fresh increase.
Important Takeaways for Gold and Oil
· Gold price failed to surpass $1,680 and started a fresh decline against the US Dollar.
· There is a key bearish trend line forming with resistance near $1,638 on the hourly chart of gold.
· Crude oil price is showing positive signs above the $84.25 support zone.
· There is a major bullish trend line forming with support near $83.80 on the hourly chart of XTI/USD.
Gold Price Technical Analysis
Gold price failed to gain strength for a move above the $1,680 resistance against the US Dollar. The price started a fresh decline and traded below the $1,650 support level.
There was a clear move below the $1,640 support zone and the 50 hourly simple moving average. The price traded as low as $1,622 on FXOpen and recently there was a recovery wave. The price was able to clear the $1,630 resistance zone.
However, the price failed to clear $1,645 and started another decline. It traded below the 50% Fib retracement level of the upward move from the $1,622 swing low to $1,645 high.
It is now trading below the $1,630 level. There was also a move below the 76.4% Fib retracement level of the upward move from the $1,622 swing low to $1,645 high. An immediate support on the downside is near the $1,622 level.
The next major support is near the $1,620 level, below which there is a risk of a larger decline. In the stated case, the price could decline sharply towards the $1,600 support zone.
On the upside, the price is facing resistance near the $1,635 level. The first major resistance is near the $1,638 level. There is also a key bearish trend line forming with resistance near $1,638 on the hourly chart of gold.
The main resistance is now forming near the $1,645 level, above which it could even test $1,650. A clear upside break above the $1,650 resistance could send the price towards $1,680.
[I]Disclaimer: CFDs are complex instruments and come with a high risk of losing your money.[/I]
Gold price started a fresh decline and traded below $1,650. Crude oil price is holding the $84.25 support and might start a fresh increase.
Important Takeaways for Gold and Oil
· Gold price failed to surpass $1,680 and started a fresh decline against the US Dollar.
· There is a key bearish trend line forming with resistance near $1,638 on the hourly chart of gold.
· Crude oil price is showing positive signs above the $84.25 support zone.
· There is a major bullish trend line forming with support near $83.80 on the hourly chart of XTI/USD.
Gold Price Technical Analysis
Gold price failed to gain strength for a move above the $1,680 resistance against the US Dollar. The price started a fresh decline and traded below the $1,650 support level.
There was a clear move below the $1,640 support zone and the 50 hourly simple moving average. The price traded as low as $1,622 on FXOpen and recently there was a recovery wave. The price was able to clear the $1,630 resistance zone.
However, the price failed to clear $1,645 and started another decline. It traded below the 50% Fib retracement level of the upward move from the $1,622 swing low to $1,645 high.
It is now trading below the $1,630 level. There was also a move below the 76.4% Fib retracement level of the upward move from the $1,622 swing low to $1,645 high. An immediate support on the downside is near the $1,622 level.
The next major support is near the $1,620 level, below which there is a risk of a larger decline. In the stated case, the price could decline sharply towards the $1,600 support zone.
On the upside, the price is facing resistance near the $1,635 level. The first major resistance is near the $1,638 level. There is also a key bearish trend line forming with resistance near $1,638 on the hourly chart of gold.
The main resistance is now forming near the $1,645 level, above which it could even test $1,650. A clear upside break above the $1,650 resistance could send the price towards $1,680.
[I]Disclaimer: CFDs are complex instruments and come with a high risk of losing your money.[/I]
注释
Disclaimer: 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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