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Gold Price Extends Rally While Crude Oil Price Might Correct Lower
Gold price is rising and gaining pace above the $1,950 resistance. Crude oil price is declining and remains at a risk of more losses below $70.
Important Takeaways for Gold and Oil
Gold price formed a base above the $1,940 support zone against the US Dollar. The price started a decent increase and was able to clear the $1,950 resistance zone.
The bulls were able to push the price above the 50% Fib retracement level of the downward move from the $2,009 swing high to $1,934 low (formed on FXOpen). There was also a break above a key bearish trend line with resistance near $1,945 on the hourly chart of gold.
Gold Price Hourly Chart
The price is now trading above the $1,980 level and the 50 hourly simple moving average. It is also above the 76.4% Fib retracement level of the downward move from the $2,009 swing high to $1,934 low.
The bulls are now facing resistance near the $2,000 zone. The next key hurdle is near the $2,010 level. A clear upside break above the $2,010 resistance could send the price towards $2,040.
If there is no upside break, the price might correct lower. An immediate support on the downside is near the $1,980 level. The next major support is near the $1,970 level, below which there is a risk of a larger decline. In the stated case, the price could decline sharply towards the $1,950 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 is rising and gaining pace above the $1,950 resistance. Crude oil price is declining and remains at a risk of more losses below $70.
Important Takeaways for Gold and Oil
- Gold price started a fresh increase above the $1,950 resistance against the US Dollar.
- It broke a key bearish trend line with resistance near $1,945 on the hourly chart of gold.
- Crude oil price started a fresh decline below the $70.50 support zone.
- There was a break below a rising channel with support near $70.40 on the hourly chart of XTI/USD.
Gold price formed a base above the $1,940 support zone against the US Dollar. The price started a decent increase and was able to clear the $1,950 resistance zone.
The bulls were able to push the price above the 50% Fib retracement level of the downward move from the $2,009 swing high to $1,934 low (formed on FXOpen). There was also a break above a key bearish trend line with resistance near $1,945 on the hourly chart of gold.

Gold Price Hourly Chart
The price is now trading above the $1,980 level and the 50 hourly simple moving average. It is also above the 76.4% Fib retracement level of the downward move from the $2,009 swing high to $1,934 low.
The bulls are now facing resistance near the $2,000 zone. The next key hurdle is near the $2,010 level. A clear upside break above the $2,010 resistance could send the price towards $2,040.
If there is no upside break, the price might correct lower. An immediate support on the downside is near the $1,980 level. The next major support is near the $1,970 level, below which there is a risk of a larger decline. In the stated case, the price could decline sharply towards the $1,950 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)