Gold Price Faces Hurdles While Crude Oil Price Is Recovering

FXOpen

Gold price is attempting a fresh increase above the $1,785 resistance zone. Crude oil price is recovering and could gain pace if there is a clear move above the $73.20 level.

Important Takeaways for Gold and Oil

· Gold price is showing a few bearish signs below the $1,800 zone against the US Dollar.

· There was a break below a key bullish trend line with support near $1,784 on the hourly chart of gold.

· Crude oil price started a recovery wave above the $70.00 and $72.00 levels.

· There was a break below a major bullish trend line with support near $72.30 on the hourly chart of XTI/USD.

Gold Price Technical Analysis

Gold price started a fresh decline from well above the $1,800 zone against the US Dollar. The price declined heavily, and it even broke the $1,780 support zone.

The price even settled below the $1,800 level and the 50 hourly simple moving average. Finally, there was a break below the $1,770 level. A low was formed near $1,761 on FXOpen before there was a recovery wave.

Gold price hourly chart

The price climbed above $1,780, but it stayed below $1,800. A high was formed near $1,792 and the price corrected lower. There was a break below the $1,785 level and the $1,780 support.

The price even traded below the 50% Fib retracement level of the upward move from the $1,761 swing low to $1,792 high. There was also a break below a key bullish trend line with support near $1,784 on the hourly chart of gold.

However, the bulls remained active near $1,774. The price is also stable above the 61.8% Fib retracement level of the upward move from the $1,761 swing low to $1,792 high.

An immediate resistance on the upside is near the $1,780 level and the 50 hourly simple moving average. The main resistance is near the $1,785 level. A close above the $1,785 level could open the doors for a steady increase towards $1,800.

The next major resistance sits near the $1,820 level. On the downside, an initial support is near the $1,774 level.

The first major support is near the $1,760 level. A downside break below the $1,760 support zone may possibly spark a steady decline. In the stated case, the price could test the $1,740 support.

Oil Price Technical Analysis

Crude oil price started a steady increase from the $62.50 support zone against the US Dollar. The price broke the $65.00 resistance zone to move into a positive zone.

The price even cleared the $70.00 level and settled above the 50 hourly simple moving average. However, the price failed to gain pace for a move above the $73.20 zone. A high was formed near $73.13 before the price corrected lower.

Crude Oil price hourly chart

It corrected a few points below the $72.00 level. The price even traded below the 23.6% Fib retracement level of the upward move from the $62.29 swing low to $73.13 high.

There was also a break below a major bullish trend line with support near $72.30 on the hourly chart of XTI/USD. On the downside, an initial support is near the $70.00 level.

The first key support is near the $68.00 level or the 50% Fib retracement level of the upward move from the $62.29 swing low to $73.13 high, below which there is a risk of a larger decline. The next major support sits near the $62.50 level

On the upside, the price is facing resistance near the $72.50 level. The next key resistance is near the $73.20 level, above which the price might accelerate higher towards $75.50.

This forecast represents FXOpen Markets Limited opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Markets Limited products and services or as financial advice.

Trade over 50 forex markets 24 hours a day with FXOpen. Take advantage of low commissions, deep liquidity, and spreads from 0.0 pips. Open your FXOpen account now or learn more about trading forex with FXOpen.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Latest from Forex Analysis

Commodities and European currencies Test Key Supports EUR/USD Analysis: The Price Today Has Set Its Minimum Since the Beginning of March Market Analysis: GBP/USD Dives While USD/CAD Gains Bullish Pace The US Currency Corrects After Recent Growth USD/JPY Price Analysis: Consolidation ahead of US News

Latest articles

Commodities

Market Analysis: Gold Price and Crude Oil Price Gain Bullish Momentum

Gold price started a steady increase above the $2,200 resistance level. Crude oil prices are gaining bullish momentum and might rise toward $85.00.

Important Takeaways for Gold and Oil Prices Analysis Today

· Gold price started a decent increase

How Do Grid Trading Strategies Work?
Trader’s Tools

How Do Grid Trading Strategies Work?

Grid trading stands as a distinctive strategy within the trading realm, offering a structured approach to navigating market volatility. By strategically placing buy and sell orders at predefined intervals, this method eschews the need to determine the market direction, instead

Weekly Market Wrap With Gary Thomson: NIKKEI-225, USD/JPY, GBP/USD, USD/CAD, Gold
Financial Market News

Weekly Market Wrap With Gary Thomson: NIKKEI-225, USD/JPY, GBP/USD, USD/CAD, Gold

Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of  FXOpen UK, as he breaks down the most significant news reports and shares his expert insights.

  • NIKKEI-225 Analysis Indicates Possibility

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 65.68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.