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Technical Analysis
Daily Market Analysis By FXOpen
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[QUOTE="Resolve, post: 193272, member: 29339"] [B]Gold Price Stuck Below $1,750, Oil Price Facing Hurdles[/B] [IMG]https://i.postimg.cc/4yvz0mzN/gold-price.jpg[/IMG] [I]Gold price started consolidating in a range above the $1,720 support. Crude oil price is now trading below $60.00 and $60.50 resistance levels.[/I] [B]Important Takeaways for Gold and Oil[/B] [LIST] [*] [*]Gold price is trading in a range above the $1,720 support against the US Dollar. [*]There are two connecting bearish trend lines forming with resistance near $1,738 on the hourly chart of gold. [*]Crude oil price is holding the key $57.50 and $57.40 support levels. [*]There is a major bearish trend line forming with resistance near $59.80 on the hourly chart of XTI/USD. [/LIST] [B]Gold Price Technical Analysis[/B] [IMG]https://i.postimg.cc/L4jB50rK/gold-price-chart-2.png[/IMG] Gold price made an attempt to surpass the $1,750 resistance against the US Dollar, but it failed. As a result, there was a fresh decline, but the bulls were active above the $1,720 support. It seems like the price is forming a strong support base above the $1,720 zone. The recent low was formed near $1,722 on FXOpen before the price started an upward move. It broke the 23.6% Fib retracement level of the recent decline from the $1,745 swing high to $1,722 low. An immediate resistance is near the $1,730 level and the 50 hourly simple moving average. The next key resistance is near the $1,733 level. It is close to the 50% Fib retracement level of the recent decline from the $1,745 swing high to $1,722 low. There are also two connecting bearish trend lines forming with resistance near $1,738 on the hourly chart of gold. To start a strong increase, the price must clear trend lines and $1,740. The main resistance is still near $1,750, above which the price could start a strong rally. Conversely, the price could fail to continue higher and it might decline below the $1,725 level. The main support is near the $1,720 zone. A clear break below the $1,720 support may possibly start a strong decline towards $1,700 or even $1,680 in the near term. [B]Read Full on FXOpen Company Blog...[/B] [/QUOTE]
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