HomeContributorsTechnical AnalysisGold Price Struggles Near $1,880, Oil Keeps Rising

Gold Price Struggles Near $1,880, Oil Keeps Rising

Key Highlights

  • Gold price is facing a strong resistance near $1,875 and $1,880.
  • Crude oil price is trading well above $50.00 and it seems to be eyeing more upsides.
  • EUR/USD is struggling to recover above 1.2150, while GBP/USD remained well bid.
  • USD/JPY is stuck in a major range below the 104.00 resistance.

Gold Price Technical Analysis

After a sharp decline, gold price found support near the $1,800 zone against the US Dollar. The price recovered higher above $1,820, but it facing many hurdles near $1,880.

The 4-hours chart of XAU/USD indicates that there is a significant resistance forming near the $1,875 and $1,880 levels. Recently, the price broke a key hurdle near the $1,865 level and the 200 simple moving average (green, 4-hours).

There was also a break above a short-term declining channel with resistance near $1,855 on the same chart. It is now facing resistance near the $1,880 level and the 100 simple moving average (red, 4-hours).

To move into a positive zone, the price must clear the $1,875 and $1,880 resistance levels. The next key resistance is near $1,900, above which the bulls are likely to gain strength.

Conversely, there is a risk of more losses below the $1,855 support. The next key support is at $1,820, below which the price could dive towards the $1,800 support.

Overall, gold price is recovering, but it must clear the $1,880 resistance zone. Looking at EUR/USD, the pair recovered from 1.2060, but it failed to surpass 1.2150. More importantly, GBP/USD made another attempt to surpass the 1.3700 resistance.

Economic Releases to Watch Today

  • ECB Interest Rate Decision – Forecast 0%, versus 0% previous.
  • US Initial Jobless Claims – Forecast 910K, versus 965K previous.
Titan FX
Titan FXhttp://titanfx.com
Titan FX is a technology driven online ECN forex and commodities broker that provides traders with next generation trading conditions, institutional grade spreads, fast trade execution, deep top tier liquidity and the security of financial registration and oversight.

Featured Analysis

Learn Forex Trading