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Technical Analysis
Daily Market Analysis By FXOpen
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[QUOTE="Resolve, post: 198502, member: 29339"] [B]Gold Price Eyes More Gains, Crude Oil Price Faces Hurdles[/B] [IMG]https://i.postimg.cc/sgPFBYcF/oil-and-dollars.jpg[/IMG] [B][I]Gold price started a fresh increase after it tested the $1,680 support. Crude oil price declined and tested the $62.50 support zone.[/I] Important Takeaways for Gold and Oil[/B] [LIST] [*] [*]Gold price started a major increase after a sharp decline to $1,680 against the US Dollar. [*]A key bullish flag is forming with resistance near $1,790 on the hourly chart of gold. [*]Crude oil price started a fresh decline from well above the $70.00 zone. [*]There is a major bearish trend line forming with resistance near $66.00 on the hourly chart of XTI/USD. [/LIST] [B]Gold Price Technical Analysis[/B] [IMG]https://i.postimg.cc/pLMbXGKY/gold-price-chart-1.png[/IMG] Recently, gold price saw a sharp decline below the $1,750 support against the US Dollar. The price even broke the $1,720 and $1,700 support levels. However, the bulls were active near the $1,680 zone. A support base was formed above $1,680 and the price started a strong increase. There was a clear break above the $1,720 resistance zone. The bulls were able to push the price above the $1,750 level and the 50 hourly simple moving average. A high was formed near $1,795 on FXOpen and the price is now consolidating gains. It traded below the $1,780 level. However, the bulls are protecting the 23.6% Fib retracement level of the upward move from the $1,717 swing low to $1,795 high. There is also a key bullish flag forming with resistance near $1,790 on the hourly chart of gold. If there is an upside break above the channel resistance, the price could even surpass the $1,800 resistance. The next major resistance could be near the $1,825 level. Conversely, the price might correct lower further below $1,778. An initial support on the downside is near the $1,765 level. The first major support is near the $1,758 level. It is near the 50% Fib retracement level of the upward move from the $1,717 swing low to $1,795 high. [B]Read Full on FXOpen Company Blog...[/B] [/QUOTE]
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