Gold Price and Oil Price Eye More Upsides
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Gold price started a fresh increase from the $1,810 level. Crude oil price is rising and might gain pace above the $113.75 resistance.
Important Takeaways for Gold and Oil
· Gold price started a decent increase after it formed a base above $1,810 against the US Dollar.
· There is a key bullish trend line forming with support near $1,845 on the hourly chart of gold.
· Crude oil price gained pace after it broke the $108 and $110 resistance levels.
· There is a major bullish trend line forming with support near $111.10 on the hourly chart of XTI/USD.
Gold Price Technical Analysis
Gold price formed a base above the $1,800 and $1,810 levels against the US Dollar. The price started a fresh increase after it broke the $1,825 resistance zone.
There was a clear move above the $1,840 level and the 50 hourly simple moving average. The price even cleared the $1,850 level and traded as high as $1,869 . Recently, there was a downside correction below $1,850, but the bulls protected $1,840.
Gold Price Hourly Chart
A low is formed near $1,840 and the price is now rising. There was a move above the 50% Fib retracement level of the downward move from the $1,869 swing high to $1,840 low.
On the upside, the price is facing resistance near the $1,858 level. It is near the 61.8% Fib retracement level of the downward move from the $1,869 swing high to $1,840 low. The main resistance is now forming near the $1,870 level.
A close above the $1,870 level could open the doors for a steady increase towards $1,880. The next major resistance sits near the $1,900 level.
On the downside, an initial support is near the $1,850 level. The next major support is near the $1,845 level. There is also a key bullish trend line forming with support near $1,845 on the hourly chart of gold, below which there is a risk of a larger decline.
Important Takeaways for Gold and Oil
· Gold price started a decent increase after it formed a base above $1,810 against the US Dollar.
· There is a key bullish trend line forming with support near $1,845 on the hourly chart of gold.
· Crude oil price gained pace after it broke the $108 and $110 resistance levels.
· There is a major bullish trend line forming with support near $111.10 on the hourly chart of XTI/USD.
Gold Price Technical Analysis
Gold price formed a base above the $1,800 and $1,810 levels against the US Dollar. The price started a fresh increase after it broke the $1,825 resistance zone.
There was a clear move above the $1,840 level and the 50 hourly simple moving average. The price even cleared the $1,850 level and traded as high as $1,869 . Recently, there was a downside correction below $1,850, but the bulls protected $1,840.
Gold Price Hourly Chart
A low is formed near $1,840 and the price is now rising. There was a move above the 50% Fib retracement level of the downward move from the $1,869 swing high to $1,840 low.
On the upside, the price is facing resistance near the $1,858 level. It is near the 61.8% Fib retracement level of the downward move from the $1,869 swing high to $1,840 low. The main resistance is now forming near the $1,870 level.
A close above the $1,870 level could open the doors for a steady increase towards $1,880. The next major resistance sits near the $1,900 level.
On the downside, an initial support is near the $1,850 level. The next major support is near the $1,845 level. There is also a key bullish trend line forming with support near $1,845 on the hourly chart of gold, below which there is a risk of a larger decline.
Note
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.
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