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Technical Analysis
Daily Market Analysis By FXOpen
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[QUOTE="Resolve, post: 201738, member: 29339"] [B][SIZE=5]Gold Price and Crude Oil Price Could Start Fresh Increase[/SIZE][/B] [img]https://i.postimg.cc/6Qrq9t8d/gold.jpg[/img] [B][I]Gold price is trading in a positive zone above the $1,850 support. Crude oil price must clear $80.00 to start a fresh increase in the near term.[/I] [SIZE=3]Important Takeaways for Gold and Oil[/SIZE][/B] [LIST] [*] Gold price started a decent increase above the $1,850 resistance against the US Dollar. [*] There is a key contracting triangle forming with resistance near $1,865 on the hourly chart of gold. [*] Crude oil price corrected lower below $80.00 and tested the $76.50 zone. [*] There was a break above a key bearish trend line with resistance near $78.50 on the hourly chart of XTI/USD. [/LIST] [B][SIZE=3]Gold Price Technical Analysis[/SIZE][/B] [img]https://i.postimg.cc/NMb0HD7F/Gold-Chartx.jpg[/img] Gold price started a fresh increase above the $1,820 resistance level against the US Dollar. The price gained pace and it was able to settle above the $1,842 resistance zone. The price even settled above the $1,850 level and the 50 hourly simple moving average. Finally, there was a break above the $1,870 level. A high was formed near $1,877 on FXOpen and the price corrected lower. There was a break below the $1,865 level, but the bulls remained active near $1,850. A low is formed near $1,850 and the price is now rising. The price is back above the $1,860 level and the 50 hourly simple moving average. It also surpassed the 50% Fib retracement level of the recent decline from the $1,871 swing high to $1,850 low. An immediate resistance on the upside is near the $1,863 level. It is near the 61.8% Fib retracement level of the recent decline from the $1,871 swing high to $1,850 low. The first major resistance is near the $1,865 level. There is also a key contracting triangle forming with resistance near $1,865 on the hourly chart of gold. The main resistance is near the $1,870 level. A close above the $1,870 level could open the doors for a steady increase towards $1,885. The next major resistance sits near the $1,900 level. On the downside, an initial support is near the $1,855 level. The first major support is near the $1,850 level. A downside break below the $1,850 support zone may possibly spark a steady decline. In the stated case, the price could test the $1,820 support. [B]Read Full on FXOpen Company Blog...[/B] [/QUOTE]
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