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Technical Analysis
Daily Market Analysis By FXOpen
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[QUOTE="Resolve, post: 195064, member: 29339"] [B]Gold Price Rallies Above $1,800, Oil Price Prepares For Next Move[/B] [IMG]https://i.postimg.cc/SRh4q6MP/Gold-price-oil-price.jpg[/IMG] [I]Gold price started a fresh increase and it cleared the $1,800 resistance zone. Crude oil price is trading nicely above $64.50 and it is likely setting up for the next move.[/I] [B]Important Takeaways for Gold and Oil[/B] [LIST] [*] [*]Gold price gained pace above the $1,790 and $1,800 resistance levels against the US Dollar. [*]There is a key bullish trend line forming with support near $1,805 on the hourly chart of gold. [*]Crude oil price climbed higher and tested the $66.65 zone before correcting lower. [*]There is a crucial contracting triangle forming with support near $64.70 on the hourly chart of XTI/USD. [/LIST] [B]Gold Price Technical Analysis[/B] This week, gold price formed a strong support base above the $1,760 level against the US Dollar. As a result, there was a fresh increase above the $1,780 and $1,800 resistance levels. The price even settled above the $1,800 zone and the 50 hourly simple moving average. It spiked above the $1,815 level and a high was formed near $1,818 on FXOpen. The price is now consolidating near the $1,815 level. [IMG]https://i.postimg.cc/JnJ896GJ/gold-price-chart.png[/IMG] An initial support on the downside is near the $1,805 zone. There is also a key bullish trend line forming with support near $1,805 on the hourly chart of gold. The trend line is close to the 23.6% Fib retracement level of the recent wave from the $1,770 low to $1,818 high. If there are more losses, the price could decline towards the $1,800 level. The next key support could be near the $1,795 level. The 50% Fib retracement level of the recent wave from the $1,770 low to $1,818 high is also near the $1,795 zone. Besides, the 50 hourly simple moving average is near the $1,792 level. On the upside, an immediate resistance is near the $1,818 and $1,820 levels. A clear break above the $1,820 level may possibly open the doors for a move towards the $1,850 level. [B]Read Full on FXOpen Company Blog...[/B] [/QUOTE]
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