Gold price is struggling to gain momentum above the $2,003 resistance. Crude oil price is consolidating losses and struggling to recover above $75.20.
Important Takeaways for Gold and Oil
- Gold price seems to be trading in a range below the $2,010 resistance against the US Dollar.
- A key bullish trend line is forming with support near $1,982 on the hourly chart of gold at FXOpen.
- Crude oil prices declined heavily below the $79.00 and $76.50 support levels.
- There is a major bearish trend line forming with resistance near $75.20 on the hourly chart of XTI/USD at FXOpen.
Gold Price Technical Analysis
On the hourly chart of Gold at FXOpen, the price formed a base above the $1,976 support zone. The price started a decent increase and was able to clear the $2,003 resistance zone.
However, the bears were active near the $2,010 resistance. There were more than two attempts to clear the $2,010 resistance but the bulls failed. It reacted to the downside and retested the $1,976 support.
The price is now rising and trading near the 50% Fib retracement level of the recent decline from the $2,003 swing high to the $1,974 low. Initial support on the downside is near a key bullish trend line at $1,982.
The first major support is near the $1,976 level. The main support sits near the $1,971 level. If there is a downside break below the $1,971 support, the price might decline heavily.
The next major support is near $1,960, below which the bulls could aim for a test of $1,950. On the upside, the bulls are facing resistance near the 50-hour simple moving average at $1,992. It coincides with the 61.8% Fib retracement level of the recent decline from the $2,003 swing high to the $1,974 low.
An upside break above the $1,992 resistance could send the price toward $2,003. Any more gains may perhaps set the pace for an increase toward the $2,010 level.
Oil Price Technical Analysis
On the hourly chart of Crude Oil at FXOpen, the price started a fresh decline from well above $80.00 against the US Dollar. The price declined heavily below the $76.50 support zone.
Finally, it tested the $74.00 support zone. A low is formed near $74.00 and the price is now attempting a recovery wave. It is testing the 23.6% Fib retracement level of the downward move from the $79.00 swing high to the $74.00 low.
There is also a major bearish trend line forming with resistance near $75.20 and the 50-hour simple moving average. An upside break above the trend line resistance might send the price further higher.
The first major resistance is near the 50% Fib retracement level of the downward move from the $79.00 swing high to the $74.00 low at $76.50, above which the price might accelerate higher toward $79.00. Any more gains might send the price toward the $80.00 level in the coming days.
On the downside, support is near the $74.00 level. The next major support is near $72.50. If there is a downside break, the price might decline toward $70.00. Any more losses may perhaps open the doors for a move toward the $68.00 support zone.
