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Technical Analysis
Daily Market Analysis By FXOpen
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[QUOTE="Resolve, post: 194162, member: 29339"] [B]Gold Price and Oil Price Could Continue To Rise[/B] [IMG]https://i.postimg.cc/zvfBT2P1/oil-and-dollars.jpg[/IMG] [I]Gold price started a fresh increase above the $1,740 resistance zone. Crude oil price is also rising and it is likely to continue higher above $63.50.[/I] [B]Important Takeaways for Gold and Oil[/B] [LIST] [*] [*]Gold price gained pace after it broke the $1,720 and $1,740 resistance levels against the US Dollar. [*]There was a break above a key bearish trend line with resistance near $1,745 on the hourly chart of gold. [*]Crude oil price climbed higher nicely and it settled above the $62.00 support zone. [*]There is a major bullish trend line forming with support near $62.45 on the hourly chart of XTI/USD. [/LIST] [B]Gold Price Technical Analysis[/B] [IMG]https://i.postimg.cc/0QnjM1nf/gold-price-chart-1.png[/IMG] Earlier this week, gold price formed a decent support base above the $1,725 level against the US Dollar. As a result, there was a fresh increase above the $1,730 and $1,740 levels. There was a break above a key bearish trend line with resistance near $1,745 on the hourly chart of gold. The price gained pace above the $1,750 level and it settled well above the 50 hourly simple moving average. It even traded above the $1,765 level and a high is formed near $1,769 on FXOpen. The price is now correcting lower and trading below the $1,765 level. It is testing the 23.6% Fib retracement level of the upward move from the $1,732 low to $1,769 high. An immediate support on the downside is near the $1,758 level. The next major support on the downside is near the $1,755 level. Any more losses might call for a test of the $1,750 support. It is near the 50% Fib retracement level of the upward move from the $1,732 low to $1,769 high. On the upside, the $1,768 and $1,770 levels are immediate hurdles. A clear break above $1,770 might open the doors for a steady increase towards the $1,780 level. The next key resistance is near the $1,800 level. [B]Read Full on FXOpen Company Blog...[/B] [/QUOTE]
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