Gold price started a fresh decline below the $1,780 support zone. Crude oil price is rising and might aim more gains above the $90 resistance.
Important Takeaways for Gold and Oil
· Gold price started a fresh decline after it failed to stay above $1,800 against the US Dollar.
· There is a key bearish trend line forming with resistance near $1,763 on the hourly chart of gold.
· Crude oil price started a fresh increase from the $85.50 support zone.
· There is a major bullish trend line forming with support near $89.10 on the hourly chart of XTI/USD.
Gold Price Technical Analysis
Gold price attempted to settle above the $1,800 resistance zone against the US Dollar. However, the price failed to stay above $1,800 and started a fresh decline.
There was a clear move below the $1,780 support zone and the 50 hourly simple moving average. The price declined below the $1,765 level to move into a short-term bearish zone. The decline gained pace below the $1,760 level.
The price traded as low as $1,753 and is currently consolidating losses. On the upside, the price is facing resistance near the $1,760 level. It is near the 38.2% Fib retracement level of the downward move from the $1,772 swing high to $1,753 low.
The main resistance is now forming near the $1,765 level. There is also a key bearish trend line forming with resistance near $1,763 on the hourly chart of gold.
The trend line is near the 50% Fib retracement level of the downward move from the $1,772 swing high to $1,753 low. A close above the $1,765 level could open the doors for a steady increase towards $1,780. A clear upside break above the $1,780 resistance could send the price towards $1,800.
An immediate support on the downside is near the $1,752 level. The next major support is near the $1,750 level, below which there is a risk of a larger decline. In the stated case, the price could decline sharply towards the $1,730 support zone.
Oil Price Technical Analysis
Crude oil price started a fresh decline from the $95.00 resistance zone against the US Dollar. The price traded below the $90.00 support zone to move into a bearish zone.
The price even settled below the $90.00 level and the 50 hourly simple moving average. Finally, there was a move below the $88 level and the price traded as low as $85.36. Recently, the bulls took a stand and were able to push the price above the $88 resistance.
There was a move above the $88.50 level and the 50 hourly simple moving average. The price climbed above the 50% Fib retracement level of the downward move from the $94.29 swing high to $85.36 low.
It is now consolidating losses and trading above the $89.00 level. On the upside, the price is facing resistance near the $90.80 level. It is near the 61.8% Fib retracement level of the downward move from the $94.29 swing high to $85.36 low.
The next key resistance is near the $92.20 level, above which the price might accelerate higher towards $94.00 or even $95.00.
On the downside, an immediate support is near the $89.00 level. There is also a major bullish trend line forming with support near $89.10 on the hourly chart of XTI/USD. The next major support is near the $88.20 level. If there is a downside break, the price might decline towards $86.20. Any more losses may perhaps open the doors for a move towards the $85.00 support zone.
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.
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