The Crude Oil Price Is Gaining Massively, Gold Moving To The Upside

Key Take-Aways

  • The price of crude oil is rising beyond the $70 resistance.
  • In the 4-hours chart, it broke a crucial negative trend line that served as resistance near $69.80.
  • Over the $1,940 support area, the price of gold is stable.
  • The price of Ripple increased above $0.55, outperforming Bitcoin.

On the XTI/USD 4-hours chart, the price was able to break over the $70.00 resistance area. In addition, a crucial negative trend line with resistance near $69.80 was broken by the price.

Further gains over the $72.50 barrier and the 100 simple moving average seemed possible as a result. The price eventually surpassed the 50% Fib retracement level of the decline from the $80.84 swing high to $64.0 low.

The price is meeting resistance in the $74.50 region on the upside. It is close to the level of the 61.8% Fibonacci retracement of the decline from the swing high of $80.84 to the low of $64.0.

The $76.50 area represents the next significant resistance. Another steady rise toward $78.80 or perhaps $80.00 could be possible with a clear break above the $76.50 barrier.

In the $72.20 region, an immediate support is currently developing. Near the $70.00 mark, there is the next significant support. The $64.30 support area may need to be tested in the upcoming days if there are any additional losses.

The bulls were active above the $1,940 support when it came to the price of gold. Above the $2,000 region, the price is still up against a lot of resistance.

Economic News To Trade Today

  • The US Unemployment Claims: forecast 196k versus 191k previous
  • The US GDP release: Forecast 2.7% versus 2.7% previous.
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.