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Technical Analysis
Daily Market Analysis By FXOpen
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[QUOTE="Resolve, post: 215421, member: 29339"] [B][SIZE=5]Gold Price and Crude Oil Price Aim More Upsides, Bulls In Control[/SIZE][/B] [img]https://i.postimg.cc/N0VgwNSZ/gold.jpg[/img] [I]Gold price climbed higher and traded above the $1,780 resistance. Crude oil price is also rising and might climb further higher above $82.50.[/I] [B]Important Takeaways for Gold and Oil[/B] [LIST] [*] Gold price found support near the $1,720 level and started a fresh increase against the US Dollar. [*] There is a key bullish trend line forming with support near $1,792 on the hourly chart of gold. [*] Crude oil price gained bullish momentum above the $80.00 resistance zone. [*] There is a major bullish trend line forming with support near $81.00 on the hourly chart of XTI/USD. [/LIST] [B][SIZE=5]Gold Price Technical Analysis[/SIZE][/B] Gold price formed a base above the $1,720 level against the US Dollar. The price started a fresh increase and was able to clear the $1,750 and $1,765 resistance levels. There was a clear move above the $1,780 resistance and the 50 hourly simple moving average. The price even broke the $1,800 level and traded as high as $1,804 on FXOpen. Recently, there was a downside correction below the $1,800 level. [B]Gold Price Hourly Chart[/B] [img]https://i.postimg.cc/XJCnNf0q/goldx.jpg[/img] An immediate support on the downside is near the $1,792 level. There is also a key bullish trend line forming with support near $1,792 on the hourly chart of gold. The trend line is close to the 23.6% Fib retracement level of the upward move from the $1,745 swing low to $1,804 high. The next major support is near the $1,775 level or the 50 hourly simple moving average. The 50% Fib retracement level of the upward move from the $1,745 swing low to $1,804 high is also near $1,775, below which there is a risk of a larger decline. In the stated case, the price could decline sharply towards the $1,750 support zone. On the upside, the first major resistance is near the $1,800 level. The main resistance is now forming near the $1,805 level, above which it could even test $1,820. A clear upside break above the $1,820 resistance could send the price towards $1,840. [B]VIEW FULL ANALYSIS VISIT - FXOpen Blog...[/B] [I][B]Disclaimer:[/B] This forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as financial advice.[/I] [/QUOTE]
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