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Gold Price Slides While Crude Oil Price Aims Higher

Gold Price Slides While Crude Oil Price Aims Higher

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The price of gold started a new decline below the $1,780 support area. The price of crude oil is rising and may seek further gains above the $90 resistance.

Important takeaways from gold and oil

· The price of gold started another decline after failing to hold above $1,800 against the US dollar.

· A key bearish trendline is forming on Gold’s hourly chart with resistance near $1,763.

· The price of crude oil started a new rise from the support zone of $85.50.

· A significant bullish trendline is forming on the hourly chart of XTI/USD with support near $89.10.

Gold Price Technical Analysis

The price of gold tried to settle above the $1,800 resistance zone against the US dollar. However, the price did not stay above $1,800 and started a new decline.

There was a clear move below the $1,780 support area and the 50-hour simple moving average. The price dropped below the $1,765 level to enter a short-term bearish zone. The decline accelerated below the $1,760 level.

Gold price hourly chart

The price went as low as $1,753 and is currently consolidating losses. On the upside, the price faces resistance near the $1,760 level. It is near the 38.2% Fib retracement level on the decline from the swing high of $1,772 to $1,753.

The main resistance is now forming near the $1,765 level. Gold also has a bearish trendline on its hourly chart with resistance near $1,763.

The trendline is near the 50% Fib retracement level on the decline from the swing high of $1,772 to $1,753. A close above the $1,765 level could open the door for a steady rally towards $1,780. A clear rally above the $1,780 resistance could send the price towards $1,800.

Immediate support on the downside is near the $1,752 level. The next major support is near the $1,750 level, below which there is a risk of a further decline. In the said case, the price may drop sharply towards the $1,730 support area.

Technical analysis of oil prices

The price of crude oil started a new decline from the resistance zone of $95.00 against the US dollar. The price traded below the $90.00 support zone and entered the bearish zone.

The price even settled below the $90.00 level and the 50-hour simple moving average. Finally, there was a move below the $88 level and the price went as low as $85.36. Recently, the bulls took a stand and were able to push the price above the $88 resistance.

Oil price hourly chart

The move was above the $88.50 level and the 50-hour simple moving average. The price moved above the 50% Fib retracement level following a decline from the $94.29 swing high to $85.36.

It is now consolidating losses and trading above the $89.00 level. On the upside, the price faces resistance near the $90.80 level. It is near the 61.8% Fib retracement level on the decline from the $94.29 swing high to $85.36.

The next key resistance is near the $92.20 level, above which the price may accelerate higher towards $94.00 or even $95.00.

On the downside, immediate support is near the $89.00 level. A significant uptrend line is also forming on the XTI/USD hourly chart with support near $89.10. The next major support is near the $88.20 level. If the bearish direction comes, the price may drop towards $86.20. More losses could perhaps open the door to a move towards the $85.00 support area.

This forecast represents the opinion of FXOpen Markets Limited only and should not be construed as an offer, invitation or recommendation of FXOpen Markets Limited’s products and services or as financial advice.

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