Gold Price and Crude Oil Price Aim Higher

FXOpen

Gold price started a decent recovery wave from the $1,750 support. Crude oil price is rising and it is now trading nicely above the $74.00 level.

Important Takeaways for Gold and Oil

  • Gold price started a fresh recovery wave after forming a base above $1,750 against the US Dollar.
  • There is a key bearish trend line forming with resistance near $1,780 on the hourly chart of gold.
  • Crude oil price climbed higher and it even surged above the $75.00 resistance.
  • There was a break above a major contracting triangle with resistance near $73.65 on the hourly chart of XTI/USD.

Gold Price Technical Analysis

This week, gold price formed a decent support base above the $1,750 zone against the US Dollar. The price started a fresh upward move and it surpassed the $1,760 resistance zone.

The price even settled above the $1,765 level and the 50 hourly simple moving average. However, the price seems to be facing a strong resistance near the $1,780 zone. There is also a key bearish trend line forming with resistance near $1,780 on the hourly chart of gold.

Gold Price Technical Analysis

A high is formed near $1,782 on FXOpen and the price is now consolidating gains. An upside break above the trend line could spark more gains above $1,782.

An immediate resistance on the upside is near the $1,795 level. The first major resistance is near the $1,800 level. If the price breaks the $1,800 level, it could accelerate higher. In the stated case, the price could rise towards the $1,840 zone.

Conversely, the price might resume its decline below $1,775. An initial support is near the $1,765 level. It is near the 50% Fib retracement level of the recent increase from the $1,750 low to $,1782 high.

The first major support is near the $1,760 level. The next key support is near the $1,750 level, below which the price might continue to move down towards the $1,720 level in the near term.

Oil Price Technical Analysis

Crude oil price extended its upward move above the $72.00 level against the US Dollar. The price even climbed above the $74.00 level and it traded to a new multi-month high.

During the increase, there was a break above a major contracting triangle with resistance near $73.65 on the hourly chart of XTI/USD. A high was formed near $75.66 before the price started a downside correction. There was a break below the $75.00, but the price remained well above the 50 hourly simple moving average.

Oil Price Technical Analysis

It tested the 38.2% Fib retracement level of the recent increase from the $71.68 swing low to $75.66 high. On the downside, an initial support is forming near the $74.00 level.

The main support is now forming near the $73.65 level. It is near the 50% Fib retracement level of the recent increase from the $71.68 swing low to $75.66 high. A downside break below the $73.65 level could open the doors for a move towards the $72.00 support level.

On the upside, an initial resistance is near the $75.50 level. The next key resistance is near the $75.65 level. Any more gains could lift the price towards the $78.00 resistance zone in the near term.

This forecast represents FXOpen Markets Limited opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Markets Limited products and services or as financial advice.

Trade over 50 forex markets 24 hours a day with FXOpen. Take advantage of low commissions, deep liquidity, and spreads from 0.0 pips. Open your FXOpen account now or learn more about trading forex with FXOpen.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Latest from Forex Analysis

EUR/USD Analysis: The Price Today Has Set Its Minimum Since the Beginning of March Market Analysis: GBP/USD Dives While USD/CAD Gains Bullish Pace The US Currency Corrects After Recent Growth USD/JPY Price Analysis: Consolidation ahead of US News GBP/USD Price Falls to 1.26 after Bank of England Decision

Latest articles

Forex Analysis

EUR/USD Analysis: The Price Today Has Set Its Minimum Since the Beginning of March

As the EUR/USD chart shows at the start of the European session today, the exchange rate has dropped below EUR 1.08 per US dollar.

Tuesday's news contributed to this. According to Nasdaq.com, on March 26, 2024, The

What Is a Megaphone Pattern and How Can You Trade It?
Trader’s Tools

What Is a Megaphone Pattern and How Can You Trade It?

Chart patterns have been used to analyse financial markets for a long time. One popular formation in forex and other markets is the Megaphone. In this text by FXOpen, we'll explain what the setup is and how to trade using

Indices

NIKKEI-225 Analysis Indicates Possibility of Correction from Historically High Levels

On March 21, the value of the Japanese stock index reached a historical maximum, exceeding the level of 41,100 points. This was facilitated by:

→ Weak yen supporting exporters. It increases the value of profits earned abroad for a large

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 65.68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.