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Gold Price and Crude Oil Price Extend Gains
Gold price is gaining pace above the $1,870 level. Crude oil price is also rising and might clear the $80 resistance zone in the near term.
Important Takeaways for Gold and Oil
Gold Price Technical Analysis
Gold price formed a base above the $1,820 level against the US Dollar. The price started a strong increase above the $1,840 and $1,850 resistance levels to move into a positive zone.
The bulls even pumped the price above the $1,880 and the 50 hourly simple moving average. The price even tested the $1,900 level. A high is formed near $1,901 on FXOpen and the price is now consolidating gains.
Gold Price Hourly Chart
An immediate support on the downside is near the $1,894 level. It is close the 23.6% Fib retracement level of the upward move from the $1,871 swing low to $1,901 high.
The next major support is near the $1,885 level. There is also a key bullish trend line forming with support near $1,885 on the hourly chart of gold. The trend line is near the 50% Fib retracement level of the upward move from the $1,871 swing low to $1,901 high.
The next major support is near $1,882, below which there is a risk of a larger decline. In the stated case, the price could decline sharply towards the $1,865 support zone.
On the upside, the first major resistance is near the $1,900 level. The next key hurdle is near the $1,912 level, above which it could even test $1,925. A clear upside break above the $1,925 resistance could send the price towards $1,950.
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: 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.
![gold.jpg](/proxy.php?image=https%3A%2F%2Fi.postimg.cc%2FWpypXBS3%2Fgold.jpg&hash=99dfd90bd790f438f6118ea64d91aa82)
Gold price is gaining pace above the $1,870 level. Crude oil price is also rising and might clear the $80 resistance zone in the near term.
Important Takeaways for Gold and Oil
- Gold price started a strong increase and tested $1,900 against the US Dollar.
- There is a key bullish trend line forming with support near $1,885 on the hourly chart of gold.
- Crude oil price started a fresh increase from the $74.00 support zone.
- There is a major bullish trend line forming with support near $75.40 on the hourly chart of XTI/USD.
Gold Price Technical Analysis
Gold price formed a base above the $1,820 level against the US Dollar. The price started a strong increase above the $1,840 and $1,850 resistance levels to move into a positive zone.
The bulls even pumped the price above the $1,880 and the 50 hourly simple moving average. The price even tested the $1,900 level. A high is formed near $1,901 on FXOpen and the price is now consolidating gains.
Gold Price Hourly Chart
![goldx.jpg](/proxy.php?image=https%3A%2F%2Fi.postimg.cc%2FjdJx9Mkh%2Fgoldx.jpg&hash=5eaf23f49ce16b1a11e219216c731f20)
An immediate support on the downside is near the $1,894 level. It is close the 23.6% Fib retracement level of the upward move from the $1,871 swing low to $1,901 high.
The next major support is near the $1,885 level. There is also a key bullish trend line forming with support near $1,885 on the hourly chart of gold. The trend line is near the 50% Fib retracement level of the upward move from the $1,871 swing low to $1,901 high.
The next major support is near $1,882, below which there is a risk of a larger decline. In the stated case, the price could decline sharply towards the $1,865 support zone.
On the upside, the first major resistance is near the $1,900 level. The next key hurdle is near the $1,912 level, above which it could even test $1,925. A clear upside break above the $1,925 resistance could send the price towards $1,950.
VIEW FULL ANALYSIS VISIT - FXOpen Blog...
Disclaimer: 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.