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Technical Analysis
Daily Market Analysis By FXOpen
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[QUOTE="Resolve, post: 203666, member: 29339"] [B][SIZE=5]Gold Price and Crude Oil Price Aim More Upsides[/SIZE][/B] [img]https://i.postimg.cc/7Ymq9V6J/Gold-price-oil-price-2.jpg[/img] [B][I]Gold price is gaining pace above the $1,805 resistance zone. Crude oil price is correcting gains, but dips might be limited below the $80.00 support.[/I] [SIZE=3]Important Takeaways for Gold and Oil[/SIZE][/B] [LIST] [*] Gold price is gaining pace and trading above the $1,820 zone against the US Dollar. [*] There is a key bullish trend line with support near $1,820 on the hourly chart of gold. [*] Crude oil price started a downside correction from the $82.50 resistance zone. [*] There is a major bullish trend line forming with support near $81.20 on the hourly chart of XTI/USD. [/LIST] [B][SIZE=3]Gold Price Technical Analysis[/SIZE][/B] Gold price started a fresh increase from the $1,784 support zone against the US Dollar. The price gained pace above the $1,800 resistance to move into a positive zone. The price settled well above the $1,810 level and the 50 hourly simple moving average. The price traded as high as $1,828 before there was a downside correction. The price declined below $1,820, but the bulls were active above $1,810. [B]Gold Price Hourly Chart[/B] [img]https://i.postimg.cc/X7VV9hV0/Gold-Price-Chart.jpg[/img] A low is formed near $1,812 on FXOpen and the price is now rising. There is also a key bullish trend line with support near $1,820 on the hourly chart of gold. There was a clear move above the 50% Fib retracement level of the downward move from the $1,828 swing high to $1,812 low. It is now trading near the $1,825 level. It is near the 76.4% Fib retracement level of the downward move from the $1,828 swing high to $1,812 low. On the upside, the price is facing resistance near the $1,828 level. The main resistance is near the $1,830 level. A close above the $1,830 level could open the doors for a steady increase towards $1,850. The next major resistance sits near the $1,865 level. On the downside, an initial support is near the $1,820 level. The first major support is near the $1,810 level. A downside break below the $1,810 support zone may possibly spark a steady decline. In the stated case, the price could test the $1,780 support. [B]Read Full on FXOpen Company Blog...[/B] [/QUOTE]
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