ACT Markets > Blog > Uncategorized > Crude Oil Price Declined below the Support Zone, Gold Has Upside Potential

Crude Oil Price Declined below the Support Zone, Gold Has Upside Potential

July 7, 2022 Uncategorized

Key Take-Aways

  • Price of crude oil dropped below the $100 level of support.
  • On the 4-hours chart, a significant bearish trend line is developing with resistance close to $108.
  • Gold price has a potential of upside reversal above $1800 in the near term.
  • In June 2022, there may be a 200K shift in US ADP employment.

Technical Analysis for Crude Oil price

Crude oil price began a new slide against the US dollar after failing to overcome the $112 barrier area. Price went through support at $105 and moved into a declining region.

Author:
Amogo Solomon is a Broker-Dealer/Market Research analyst and writer in ACT Brokers with a background in Computer Science, Data Analytics, and Forex Broker Dealing. He specializes in Forex Dealing, markets Analysis, Currency research, forex fundamental and technical analysis, and Monitoring of Forex trends, Stocks, Equities, Cryptos, and Commodities. He possesses strong technical and analytical skills and is well known for his entertaining and informative analysis of the global economy, fiat currency, commodities, Stocks, Indexes, Futures, and Options markets. He held a Bachelor's degree in Computer Science and Nanodegree in Programming for Data Science Enterprise.

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