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Gold Price Faces Hurdles And Crude Oil Price Could Recover Steadily
Gold price declined from the $1,850 resistance zone. Crude oil price is attempting a recovery wave above the $75.50 resistance zone.
Important Takeaways for Gold and Oil
Gold price struggled to clear the $1,850 resistance against the US Dollar. The price started a strong decline and traded below the $1,832 support zone.
The bears even pushed the price below $1,825 and the 50 hourly simple moving average. The price traded below the $1,820 level. A low is formed near $1,817 on FXOpen and the price is now consolidating losses. On the upside, an immediate resistance is near the $1,828 level or the 50 hourly simple moving average.
Gold Price Hourly Chart
The stated level is near the 38.2% Fib retracement level of the downward move from the $1,846 swing high to $1,817 low. The next key hurdle is near the $1,832 level.
There is also a key bearish trend line is forming with resistance near $1,835 on the hourly chart of gold. The trend line is near the 50% Fib retracement level of the downward move from the $1,846 swing high to $1,817 low.
A clear upside break above the $1,835 resistance could send the price towards $1,850. If there is no upside break, the price might correct lower.
An immediate support on the downside is near the $1,820 level. The next major support is near the $1,812 level, below which there is a risk of a larger decline. In the stated case, the price could decline sharply towards the $1,800 support zone.
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Disclaimer: CFDs are complex instruments and come with a high risk of losing your money.
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Gold price declined from the $1,850 resistance zone. Crude oil price is attempting a recovery wave above the $75.50 resistance zone.
Important Takeaways for Gold and Oil
- Gold price started a strong decline below the $1,832 level against the US Dollar.
- A key bearish trend line is forming with resistance near $1,835 on the hourly chart of gold.
- Crude oil price started a fresh increase from the $73.75 support zone.
- There was a break above a major bearish trend line with resistance near $75.70 on the hourly chart of XTI/USD.
Gold price struggled to clear the $1,850 resistance against the US Dollar. The price started a strong decline and traded below the $1,832 support zone.
The bears even pushed the price below $1,825 and the 50 hourly simple moving average. The price traded below the $1,820 level. A low is formed near $1,817 on FXOpen and the price is now consolidating losses. On the upside, an immediate resistance is near the $1,828 level or the 50 hourly simple moving average.

Gold Price Hourly Chart
The stated level is near the 38.2% Fib retracement level of the downward move from the $1,846 swing high to $1,817 low. The next key hurdle is near the $1,832 level.
There is also a key bearish trend line is forming with resistance near $1,835 on the hourly chart of gold. The trend line is near the 50% Fib retracement level of the downward move from the $1,846 swing high to $1,817 low.
A clear upside break above the $1,835 resistance could send the price towards $1,850. If there is no upside break, the price might correct lower.
An immediate support on the downside is near the $1,820 level. The next major support is near the $1,812 level, below which there is a risk of a larger decline. In the stated case, the price could decline sharply towards the $1,800 support zone.
Read more...
Disclaimer: CFDs are complex instruments and come with a high risk of losing your money.
Follow update Facebook, Twitter dan Telegram.
FXOpen Customer Service
E-mail: support@fxopen.com
Live Chat (24/5)