News & Analysis / Analysis / Gold Price Under Pressure While Crude Oil Price Is Rising

Gold Price Under Pressure While Crude Oil Price Is Rising

FXOpen

Gold price is facing an uphill task and it is struggling to break the $1,460 support area. Crude oil price is rising and it is now trading nicely above the $56.50 support.

Important Takeaways for Gold and Oil

  • Gold price failed to climb above the $1480 resistance area and declined recently against the US Dollar.
  • There was a break below a major bullish trend line with support near $1,465 on the hourly chart of gold.
  • Crude oil price is showing a lot of positive signs above the $56.50 and $57.00 levels.
  • There was a break above a key bearish trend line with resistance near $57.05 on the hourly chart of XTI/USD.

Gold Price Technical Analysis

Recently, gold price failed the break the $1,478 and $1,480 resistance levels against the US Dollar. It failed to continue higher and started a renewed bearish wave below the $1,470 level.

Moreover, there was a break below the $1,468 support and 50 hourly simple moving average. Finally, there was a break below a major bullish trend line with support near $1,465 on the hourly chart of gold.

Gold Price Technical Analysis

The price traded close to the $1,460 support area and a low was formed near $1,462. At the moment, the price is consolidating losses above $1,460. An immediate resistance is near the 23.6% Fib retracement level of the recent decline from the $1,475 high to $1,462 low.

On the upside, there are many resistances on the upside near the $1,468 and $1,470 levels. There is also a connecting bearish trend line forming with resistance near the $1,468 level on the same chart.

Moreover, the 50% Fib retracement level of the recent decline from the $1,475 high to $1,462 low is also near the $1,468 level to prevent an upside break. Finally, the price must break the $1,470 resistance and the 50 hourly simple moving average to start a strong rise.

On the downside, an initial support is near the $1,460 level. If gold price fails to stay above the $1,460 support, there are chances of a push towards the $1,450 level.

Oil Price Technical Analysis

This week, there was a strong increase in crude oil price above the $56.50 resistance area against the US Dollar. The price even broke the $57.00 resistance zone to move into a bullish zone.

Moreover, there was a break above a key bearish trend line with resistance near $57.05 on the hourly chart of XTI/USD. Finally, the price climbed above the $58.00 level and settled well above the 50 hourly simple moving average.

Oil Price Technical Analysis

A new high was formed near $58.60 and the price is currently correcting lower. It is testing the 23.6% Fib retracement level of the recent leg from the $56.58 low to $58.60 high.

On the downside, there are many supports near the $57.80 and $57.50 levels. The first key support is near $57.50 and the 50% Fib retracement level of the recent leg from the $56.58 low to $58.60 high.

Therefore, dips remain well supported on the downside near the $57.50 level. Any further losses may perhaps push the price towards the $56.50 support area.

On the upside, the $58.50 and $58.60 levels are initial hurdles for crude oil price. A successful break above the $58.60 level could push the price towards the $60.00 level.

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.

Stay ahead of the market!

Subscribe now to our mailing list and receive the latest market news and insights delivered directly to your inbox.

forex

Instrument
Live ECN bid
Live ECN ask
Action
EURUSD
1.12536
1.12537
Trade
GBPUSD
1.32789
1.32791
Trade
AUDUSD
0.64066
0.64066
Trade
USDJPY
145.278
145.281
Trade
USDCAD
1.39147
1.39149
Trade
More
Forex Trading with FXOpen

Forex Trading with FXOpen

Experience ECN technology for deep liquidity and light-speed trade execution

  • Access over 50 markets
  • Trade with spreads from 0.0 pips
  • Take advantage of commissions from $1.50/lot
Learn more

Latest articles

Forex Analysis

EUR/USD Trims Gains While USD/CHF Regains Strength

EUR/USD extended losses and traded below the 1.1250 support. USD/CHF is rising and might aim for a move toward the 0.8400 resistance.

Important Takeaways for EUR/USD and USD/CHF Analysis Today

· The Euro struggled to

Dollar Strengthens Following Fed Verdict
Forex Analysis

Dollar Strengthens Following Fed Verdict

The USD/JPY and USD/CAD currency pairs are showing moderate gains following yesterday’s meeting of the US Federal Reserve. As expected, the American central bank kept its key interest rate unchanged. However, the tone of the accompanying statement

BTC/USD Analysis: Price Edges Close to the $100k Mark
Cryptocurrencies

BTC/USD Analysis: Price Edges Close to the $100k Mark

Yesterday, the price of Bitcoin climbed above $99,000 – a level not seen since late February this year.

However, the bullish momentum proved insufficient to breach the psychological $100,000 barrier, and this morning the leading cryptocurrency is holding above

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. 60% 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.