FXOpen Trader Posted March 25, 2022 Author Share Posted March 25, 2022 Gold Price and Crude Oil Price Eye Additional Gains Gold price started a fresh increase above the $1,950 resistance. Crude oil price could regain traction if it stays above the $105 support zone. Important Takeaways for Gold and Oil Gold price started a fresh increase above $1,930 and $1,950 against the US Dollar. There was a break above a key bearish trend line with resistance near $1,932 on the hourly chart of gold. Crude oil price also started a fresh increase from the $95 support zone. Recently, there was a break below a major bullish trend line with support near $113.30 on the hourly chart of XTI/USD. Gold Price Technical Analysis Gold price formed a support base near $1,910 and started a fresh increase against the US Dollar. The price gained pace for a move above the $1,930 level to move into a positive zone. There was a clear move above the $1,950 level and the 50 hourly simple moving average. The price even climbed above the $1,960 resistance level. Besides, there was a break above a key bearish trend line with resistance near $1,932 on the hourly chart of gold. Gold Price Hourly Chart A high was formed near $1,965 on FXOpen and the price is now consolidating gains. On the downside, an initial support is near the $1,958 level. The first major support is near the $1,952 level. It is near the 23.6% Fib retracement level of the upward move from the $1,910 swing low to $1,965 high. The next major support is near the $1,950 level. The main support sits near the $1,938 level. It is near the 50% Fib retracement level of the upward move from the $1,910 swing low to $1,965 high. On the upside, the price is facing resistance near the $1,965 level. The main resistance is now forming near the $1,980 level. A close above the $1,980 level could open the doors for a steady increase towards $2,000. The next major resistance sits near the $2,030 level. Read Full on FXOpen Company Blog... Quote Link to comment Share on other sites More sharing options...
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