Gold Price Could Dip While Crude Oil Price Trades In Range
Gold price is struggling to stay above the $1,925 support. Crude oil price is facing a strong resistance near the $82 zone.
Important Takeaways for Gold and Oil
- Gold price started a strong increase and tested $1,950 against the US Dollar.
- There is a key bullish trend line forming with support near $1,925 on the hourly chart of gold.
- Crude oil price started a fresh increase from the $79.50 support zone.
- There is a major bullish trend line forming with support near $80.40 on the hourly chart of XTI/USD.
Gold Price Technical Analysis
Gold price formed a base above the $1,900 level against the US Dollar. The price started a strong increase above the $1,915 and $1,920 resistance levels to move into a positive zone.
The bulls even pumped the price above the $1,940 and the 50 hourly simple moving average. The price even tested the $1,950 zone. A high is formed near $1,949 on FXOpen and the price is now correcting gains.
Gold Price Hourly Chart
There was a move below the $1,940 level and the 50 hourly simple moving average. The price even dipped below the $1,920 level before the bulls appeared.
Recently, there was a recovery wave above the 23.6% Fib retracement level of the downward move from the $1,949 swing high to $1,918 low. However, the bears are active below the $1,935 level and the 50 hourly simple moving average.
The price failed to clear the 50% Fib retracement level of the downward move from the $1,949 swing high to $1,918 low. It is now moving lower below $1,930.
An immediate support on the downside is near the $1,925 level. There is also a key bullish trend line forming with support near $1,925 on the hourly chart of gold. The next major support is near the $1,915 level, below which there is a risk of a larger decline. In the stated case, the price could decline sharply towards the $1,900 support zone.
On the upside, the first major resistance is near the $1,930 level. The next key hurdle is near the $1,935 level, above which it could even test $1,950. A clear upside break above the $1,950 resistance could send the price towards $1,965.
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