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Technical Analysis
Daily Market Analysis By FXOpen
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[QUOTE="Resolve, post: 198684, member: 29339"] [B]Gold Price and Crude Oil Price Extend Gains[/B] [IMG]https://i.postimg.cc/SsVNWWnD/gold.png[/IMG] [B][I]Gold price started a fresh increase after it tested the $1,780 support. Crude oil price is rising and it is trading above the $65.00 support zone.[/I] Important Takeaways for Gold and Oil[/B] [LIST] [*] [*]Gold price started a decent increase from the $1,780 support zone against the US Dollar. [*]There was a break above a key bearish trend line with resistance near $1,792 on the hourly chart of gold. [*]Crude oil price started a fresh increase from the $61.50 support zone. [*]There is a major contracting triangle forming with resistance near $68.00 on the hourly chart of XTI/USD. [/LIST] [B]Gold Price Technical Analysis[/B] [IMG]https://i.postimg.cc/kGpJHqFS/Gold-Price-Chart.png[/IMG] Gold price formed a strong support base above the $1,780 zone against the US Dollar. As a result, the price started a fresh increase above the $1,785 and $1,790 resistance levels. There was a break above a key bearish trend line with resistance near $1,792 on the hourly chart of gold. The price surpassed the 50% Fib retracement level of the downward move from the $1,809 swing high to $1,780 swing low (formed on FXOpen). The price is now trading above $1,790 and the 50 hourly simple moving average. An immediate resistance is near the $1,798 and $1,800 levels. The 50% Fib retracement level of the downward move from the $1,809 swing high to $1,780 swing low is also near the $1,798 level. A close above the $1,798 and $1,800 levels could open the doors for a steady increase towards $1,820. Conversely, the price might correct lower below $1,795. An initial support on the downside is near the $1,790 level and the 50 hourly simple moving average. The first major support is near the $1,780 level. A downside break below the $1,780 support zone may possibly spark a sharp decline. In the stated case, the price could test the $1,750 support. [B]Read Full on FXOpen Company Blog...[/B] [/QUOTE]
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