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Technical Analysis
Daily Market Analysis By FXOpen
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[QUOTE="Resolve, post: 196569, member: 29339"] [B]Gold Price Slides Below Key Support, Oil Price Trims Gains[/B] [IMG]https://i.postimg.cc/1XMbvRqB/cc2.jpg[/IMG] [I]Gold price started a major decline below the $1,850 and $1,820 support levels. Crude oil price is also trimming gains and it traded below $70.50.[/I] [B]Important Takeaways for Gold and Oil[/B] [LIST] [*] [*]Gold price started a fresh decline from well above the $1,850 level against the US Dollar. [*]There is a connecting bearish trend line forming with resistance near $1,825 on the hourly chart of gold. [*]Crude oil price climbed higher towards $72.75 before correcting lower. [*]There was a break below a major bullish trend line with support near $71.20 on the hourly chart of XTI/USD. [/LIST] [B]Gold Price Technical Analysis[/B] This week, gold price faced an increase in selling pressure near $1,900 against the US Dollar. The price started a major decline and it traded below many important supports near $1,880 and $1,850. The price even settled below the $1,850 level and the 50 hourly simple moving average. There was a break below the $1,820 support and $1,800. A low is formed near $1,762 on FXOpen and the price is now correcting losses. [IMG]https://i.postimg.cc/xjRrf54m/gold-price-chart-1.png[/IMG] An immediate resistance on the upside is near the $1,790 level. It is near the 23.6% Fib retracement level of the recent decline from the $1,862 swing high to $1,762 low. The first major resistance is near the $1,800 level. There is also a connecting bearish trend line forming with resistance near $1,825 on the hourly chart of gold. An intermediate resistance is near the $1,815 level and the 50 hourly SMA. The 50% Fib retracement level of the recent decline from the $1,862 swing high to $1,762 low is also near the $1,815 level. Conversely, the price might resume its decline below $1,780. An initial support is near the $1,775 level. The first major support is near the $1,765 level. The next key support is near the $1,750 level, below which the price might continue to move down towards the $1,720 level in the near term. [B]Read Full on FXOpen Company Blog...[/B] [/QUOTE]
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