Gold Price and Crude Oil Price Face Key Hurdles
Gold price is struggling to gain momentum above the $2,003 resistance. Crude oil price is consolidating losses and struggling to recover above $75.20.Important Takeaways for Gold and Oil- Gold price seems to be trading in a range below the $2,010 resistance against the US Dollar.
- A key bullish trend line is forming with support near $1,982 on the hourly chart of gold at FXOpen.
- Crude oil prices declined heavily below the $79.00 and $76.50 support levels.
- There is a major bearish trend line forming with resistance near $75.20 on the hourly chart of XTI/USD at FXOpen.
Gold Price Technical Analysis
On the hourly chart of Gold at FXOpen, the price formed a base above the $1,976 support zone. The price started a decent increase and was able to clear the $2,003 resistance zone.
However, the bears were active near the $2,010 resistance. There were more than two attempts to clear the $2,010 resistance but the bulls failed. It reacted to the downside and retested the $1,976 support.
The price is now rising and trading near the 50% Fib retracement level of the recent decline from the $2,003 swing high to the $1,974 low. Initial support on the downside is near a key bullish trend line at $1,982.
The first major support is near the $1,976 level. The main support sits near the $1,971 level. If there is a downside break below the $1,971 support, the price might decline heavily.
The next major support is near $1,960, below which the bulls could aim for a test of $1,950. On the upside, the bulls are facing resistance near the 50-hour simple moving average at $1,992. It coincides with the 61.8% Fib retracement level of the recent decline from the $2,003 swing high to the $1,974 low.
An upside break above the $1,992 resistance could send the price toward $2,003. Any more gains may perhaps set the pace for an increase toward the $2,010 level.
VIEW FULL ANALYSIS VISIT - FXOpen Blog...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.
