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Daily Market Analysis By FXOpen
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[QUOTE="FXOpen Trader, post: 345964, member: 104606"] [B][SIZE=5]Market Analysis: Gold Price Corrects Gains While Oil Price Regains Strength[/SIZE][/B] [img]https://i.imgur.com/4h7eQLy.jpeg[/img] [I]Gold price rallied above $2,400 before correcting lower. Crude oil price is rising and it could climb further higher toward the $85.50 resistance.[/I] [B]Important Takeaways for Gold and Oil Prices Analysis Today[/B] [LIST] [*] Gold price rallied significantly above $2,400 and recently corrected lower against the US Dollar. [*] It cleared a key bearish trend line with resistance at $2,310 on the hourly chart of gold at FXOpen. [*] Crude oil prices are moving higher above the $82.00 resistance zone. [*] There was a break above a connecting bearish trend line with resistance at $82.00 on the hourly chart of XTI/USD at FXOpen. [/LIST] [B][SIZE=5]Gold Price Technical Analysis[/SIZE][/B] [img]https://i.imgur.com/30qPGh5.jpeg[/img] On the hourly chart of Gold at FXOpen, the price was able to climb above the $2,350 resistance, as mentioned in the previous analysis. The price even broke the $2,400 level before the bears appeared. The price traded close to the $2,420 zone before there was a downside correction. There was a move below the $2,355 pivot zone. The price settled below the 50-hour simple moving average and RSI dipped below 50. Finally, it tested the $2,290 zone. The price is now correcting losses above the 23.6% Fib retracement level of the downward move from the $2,417 swing high to the $2,291 low. It surpassed a key bearish trend line with resistance at $2,310. Immediate resistance on the upside is near the 50-hour simple moving average and $2,330. The next major resistance is near the 50% Fib retracement level of the downward move from the $2,417 swing high to the $2,291 low at $2,355. An upside break above the $2,355 resistance could send Gold price toward $2,400. Any more gains may perhaps set the pace for an increase toward the $2,420 level. If there is no fresh increase, the price could continue to move down. Initial support on the downside is near the $2,310 level. The first major support is $2,290. If there is a downside break below the $2,290 support, the price might decline further. In the stated case, the price might drop toward the $2,265 support. [B][URL="https://fxopen.com/blog/en/aj-market-analysis-gold-price-corrects-gains-while-oil-price-regains-strength/?utm_source=trendriforum&utm_medium=analysis&utm_campaign=resolve"]TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG[/URL][/B] [I][B]Disclaimer:[/B] This article represents the opinion of the FXOpen INT company only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the the FXOpen INT, nor is it to be considered financial advice. [/I] [/QUOTE]
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