Home Tools Crude oil price could resume decline, Gold price targets more gains

Crude oil price could resume decline, Gold price targets more gains

18
0



The gold price is rising above $1,800. Crude oil prices are struggling to reach $80 and could resume their decline.

The Most Important Things to Remember About Gold and Oil

· Gold price faced resistance near $1,832 and corrected lower against the US Dollar.

· There is a key bullish trend line forming with support near $1,808 on the hourly chart of gold.

· Crude oil price started a fresh decline from the $82.00 resistance zone.

· There was a break below a major bullish trend line with support near $79.75 on the hourly chart of XTI/USD.

Technical Analysis on Gold Price

The gold price attempted to break above the $1.825 resistance zone in relation to the US Dollar. The price even crossed the $1830 level. However, bears were active in the $1832 zone.

A high was reached near $1,833 which triggered a fresh drop. Clear movement was seen below the $1.810 and $1.805 support levels. FXOpen saw the price trade as low at $1,797. Recently, a new rise was initiated.

Gold Price Aims More Gains, Crude Oil Price Could Resume Decline
Chart of Hourly Gold Prices

The price moved above the $1.805 level and the 50-hourly simple moving median. The price also exceeded the 50% Fib Retracement level of the downward movement from $1,833 swing high and $1,798 swing lowest.

A key bullish…



Continue reading…

Previous articleHow to place a stop loss order
Next articleOutlook 2023: Gold