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Gold Price Slides Below Key Support, Oil Price Trims Gains
Gold price started a major decline below the $1,850 and $1,820 support levels. Crude oil price is also trimming gains and it traded below $70.50.
Important Takeaways for Gold and Oil
Gold Price Technical Analysis
This week, gold price faced an increase in selling pressure near $1,900 against the US Dollar. The price started a major decline and it traded below many important supports near $1,880 and $1,850.
The price even settled below the $1,850 level and the 50 hourly simple moving average. There was a break below the $1,820 support and $1,800. A low is formed near $1,762 on FXOpen and the price is now correcting losses.
An immediate resistance on the upside is near the $1,790 level. It is near the 23.6% Fib retracement level of the recent decline from the $1,862 swing high to $1,762 low.
The first major resistance is near the $1,800 level. There is also a connecting bearish trend line forming with resistance near $1,825 on the hourly chart of gold. An intermediate resistance is near the $1,815 level and the 50 hourly SMA.
The 50% Fib retracement level of the recent decline from the $1,862 swing high to $1,762 low is also near the $1,815 level. Conversely, the price might resume its decline below $1,780. An initial support is near the $1,775 level.
The first major support is near the $1,765 level. The next key support is near the $1,750 level, below which the price might continue to move down towards the $1,720 level in the near term.
Read Full on FXOpen Company Blog...
![cc2.jpg](/proxy.php?image=https%3A%2F%2Fi.postimg.cc%2F1XMbvRqB%2Fcc2.jpg&hash=795eb3365c187b5a29fd519c1ba66aeb)
Gold price started a major decline below the $1,850 and $1,820 support levels. Crude oil price is also trimming gains and it traded below $70.50.
Important Takeaways for Gold and Oil
- Gold price started a fresh decline from well above the $1,850 level against the US Dollar.
- There is a connecting bearish trend line forming with resistance near $1,825 on the hourly chart of gold.
- Crude oil price climbed higher towards $72.75 before correcting lower.
- There was a break below a major bullish trend line with support near $71.20 on the hourly chart of XTI/USD.
Gold Price Technical Analysis
This week, gold price faced an increase in selling pressure near $1,900 against the US Dollar. The price started a major decline and it traded below many important supports near $1,880 and $1,850.
The price even settled below the $1,850 level and the 50 hourly simple moving average. There was a break below the $1,820 support and $1,800. A low is formed near $1,762 on FXOpen and the price is now correcting losses.
![gold-price-chart-1.png](/proxy.php?image=https%3A%2F%2Fi.postimg.cc%2FxjRrf54m%2Fgold-price-chart-1.png&hash=760e0a6ae4028e8a67bbf97cb3ea0606)
An immediate resistance on the upside is near the $1,790 level. It is near the 23.6% Fib retracement level of the recent decline from the $1,862 swing high to $1,762 low.
The first major resistance is near the $1,800 level. There is also a connecting bearish trend line forming with resistance near $1,825 on the hourly chart of gold. An intermediate resistance is near the $1,815 level and the 50 hourly SMA.
The 50% Fib retracement level of the recent decline from the $1,862 swing high to $1,762 low is also near the $1,815 level. Conversely, the price might resume its decline below $1,780. An initial support is near the $1,775 level.
The first major support is near the $1,765 level. The next key support is near the $1,750 level, below which the price might continue to move down towards the $1,720 level in the near term.
Read Full on FXOpen Company Blog...