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Technical Analysis
Daily Market Analysis By FXOpen
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[QUOTE="Resolve, post: 200704, member: 29339"] [B][SIZE=5]Gold Price and Crude Oil Price Eye Upside Break[/SIZE][/B] [img]https://i.postimg.cc/3J8jtsbt/Goldx.jpg[/img] [B][I]Gold price is facing resistance near $1,790 and $1,800. Crude oil price remains elevated above the key $80.00 pivot level and it is eyeing more upsides.[/I] [SIZE=3]Important Takeaways for Gold and Oil[/SIZE][/B] [LIST] [*] Gold price started a decent increase above the $1,760 resistance against the US Dollar. [*] There was a break above a major contracting triangle with resistance near $1,785 on the hourly chart of gold. [*] Crude oil price extended its rally towards the $83.70 level before it started a downside correction. [*] There is a key bullish trend line forming with support near $81.30 on the hourly chart of XTI/USD. [/LIST] [B][SIZE=3]Gold Price Technical Analysis[/SIZE][/B] Gold price started a fresh increase above the $1,750 pivot level against the US Dollar. The price gained pace and it was able to settle above the $1,780 resistance zone. A high was formed near $1,800 on FXOpen and the price corrected lower. There was a break below the $1,780 and $1,775 levels. However, the bulls were active above the $1,750 level. A low was formed near $1,760 and the price is now rising. [B]Gold Price Hourly Chart[/B] [img]https://i.postimg.cc/fWjjjz53/Gold-Chartx.jpg[/img] The price is back above the $1,780 level and the 50 hourly simple moving average. It also surpassed the 50% Fib retracement level of the key drop from the $1,800 swing high to $1,760 low. There was also a break above a major contracting triangle with resistance near $1,785 on the hourly chart of gold. An immediate resistance on the upside is near the $1,788 and $1,790 levels. It is near the 76.4% Fib retracement level of the key drop from the $1,800 swing high to $1,760 low. The first major resistance is near the $1,792 level. The main resistance is near the $1,800 level. A close above the $1,800 level could open the doors for a move towards $1,820. On the downside, the first major support is near the $1,782 level and the 50 SMA. A downside break below the $1,762 support zone may possibly call for a test of the $1,765 support zone in the near term. [B]Read Full on FXOpen Company Blog...[/B] [/QUOTE]
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