Gold prices have been on the rise, surpassing the $2,440 resistance level. The price found support near the $2,320 zone and has been steadily increasing. A key bullish trend line has formed with support near $2,440, indicating a positive trend for gold. The price has moved above the $2,435 and $2,440 resistance levels, testing the $2,455 zone. However, the price is currently consolidating losses and is showing signs of stability above the 23.6% Fib retracement level. It also remains above the 50-hour simple moving average, further supporting the bullish trend.
On the downside, initial support is near $2,440, with a key bullish trend line and the 50-hour simple moving average providing additional support. The first major support is around $2,415, close to the 50% Fib retracement level. A break below this level could lead to further declines towards the $2,390 support. On the upside, immediate resistance is near $2,445, with the next major resistance at $2,450. A break above this level could propel the gold price towards $2,460 and potentially even higher towards $2,480.
Oil Price Technical Analysis
On the other hand, crude oil prices are showing bearish signs, struggling to clear the $78.20 resistance level. The price has started a decline below the $77.00 support, breaking a connecting bullish trend line at $77.50. The decline has taken the price below the 50% Fib retracement level, and it is now consolidating below the 50-hour simple moving average. The price has tested the 61.8% Fib retracement level, indicating further downside potential.
In case of a fresh increase, the price could face resistance near $77.00 and the 50-hour simple moving average, with the first major resistance at $78.20. Further gains might lead to a test of the $79.50 level and potentially even $80.00. Conversely, the price could continue to move down and revisit the $75.20 support level. The next major support is at $74.20, with further downside potential towards $73.50 and $72.50.
While gold prices are showing a positive trend with potential for further gains, oil prices are struggling and facing bearish pressure. Traders and investors should closely monitor these trends and consider their implications for their trading strategies. As always, it is important to do thorough research and analysis before making any trading decisions.