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Gold Price and Oil Price Could Extend Losses for FXOPEN:XAUUSD by FXOpen_Team

Gold price is struggling below the $1,850 resistance zone . Crude oil price is declining and might even trade below the $100 support zone .
Important Takeaways for Gold and Oil

· Gold price struggled above $1,850 and corrected lower against the US Dollar .

· There was a break below a key bullish trend line with support near $1,825 on the hourly chart of gold .

· Crude oil price started a downside correction from the $116 and $118 resistance levels.

· There is a major bearish trend line forming with resistance near $104.00 on the hourly chart of XTI/USD.
Gold Price Technical Analysis

Gold price struggled to gain pace above the $1,850 resistance zone against the US Dollar . The price started a fresh decline and traded below the $1,840 pivot level.

There was a clear move below the $1,825 support zone and the 50 hourly simple moving average . Besides, there was a break below a key bullish trend line with support near $1,825 on the hourly chart of gold .

Gold Price Hourly Chart

The price traded as low as $1,821 on FXOpen and the price is now consolidating losses. On the upside, the price is facing resistance near the $1,828 level.

The 23.6% Fib retracement level of the downward move from the $1,846 swing high to $1,821 low is also near the $1,828 zone to act as a resistance. The main resistance is now forming near the $1,830 level.

The 50% Fib retracement level of the downward move from the $1,846 swing high to $1,821 low is also near the $1,832 zone. A close above the $1,832 level could open the doors for a steady increase towards $1,850. The next major resistance sits near the $1,860 level.

On the downside, an initial support is near the $1,820 level. The next major support is near the $1,805 level, below which there is a risk of a larger decline. In the stated case, the price could decline sharply towards the $1,780 support zone .
Oil Price Technical Analysis

Crude oil price also struggled to stay above the $120 level and started a fresh decline against the US Dollar . The price declined below the $110 support zone to move into a bearish zone.

There was a clear move below the $108 support zone and the 50 hourly simple moving average . The price traded as low as $101.13 and the price is now consolidating losses. There was a move above the 23.6% Fib retracement level of the downward move from the $110.78 swing high to $101.13 low.

Oil Price Hourly Chart

On the upside, the price is facing resistance near the $104.00 level. There is also a major bearish trend line forming with resistance near $104.00 on the hourly chart of XTI/USD.

The next key resistance is near the $106.20 level or the 50% Fib retracement level of the downward move from the $110.78 swing high to $101.13 low, above which the price might accelerate higher towards $108 or even $110.

On the downside, an immediate support is near the $102.20 level. The next major support is near the $101.20 level. If there is a downside break, the price might decline towards $100. Any more losses may perhaps open the doors for a move towards the $95.50 support zone in the coming sessions.

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