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Technical Analysis
Daily Market Analysis By FXOpen
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[QUOTE="Resolve, post: 216289, member: 29339"] [B][SIZE=5]Gold Price Aims More Gains, Crude Oil Price Could Resume Decline[/SIZE][/B] [img]https://i.postimg.cc/90TxFpMy/gold.jpg[/img] [I]Gold price is showing positive signs above the $1,800 level. Crude oil price is struggling below $80 and might resume its decline.[/I] [B]Important Takeaways for Gold and Oil[/B] [LIST] [*] Gold price faced resistance near $1,832 and corrected lower against the US Dollar. [*] There is a key bullish trend line forming with support near $1,808 on the hourly chart of gold. [*] Crude oil price started a fresh decline from the $82.00 resistance zone. [*] There was a break below a major bullish trend line with support near $79.75 on the hourly chart of XTI/USD. [/LIST] [B][SIZE=5]Gold Price Technical Analysis[/SIZE][/B] Gold price attempted an upside break above the $1,825 resistance zone against the US Dollar. The price even cleared the $1,830 level, but the bears were active near the $1,832 zone. A high was formed near $1,833 and the price started a fresh decline. There was a clear move below the $1,810 and $1,805 support levels. The price traded as low as $1,797 and recently started a fresh increase. [B]Gold Price Hourly Chart[/B] [img]https://i.postimg.cc/Prs3VB3y/goldx.jpg[/img] There was a clear move above the $1,805 level and the 50 hourly simple moving average. The price even surpassed the 50% Fib retracement level of the downward move from the $1,833 swing high to $1,798 swing low. Besides, there is a key bullish trend line forming with support near $1,808 on the hourly chart of gold. On the upside, the first major resistance is near the $1,820 level. It is near the 61.8% Fib retracement level of the downward move from the $1,833 swing high to $1,798 swing low. The next key hurdle is near the $1,832 level, above which it could even test $1,850. A clear upside break above the $1,850 resistance could send the price towards $1,880. An immediate support on the downside is near the $1,808 level. The next major support is near the $1,800 level, below which there is a risk of a larger decline. In the stated case, the price could decline sharply towards the $1,765 support zone. [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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