The Price of Crude Oil Could Possibly Gain Higher In A Near Term, and Gold Still in Profit Zone

Key Take-Aways

  • The price of crude oil began to decline below the $80 support level.
  • On the 4-hour chart, a crucial negative trend line is developing with resistance close to $80.65.60.
  • GBP/USD and EUR/USD both declined from recent highs.
  • In March 2023, the US Durable Goods Orders may rise by 0.8%.

Technical Analysis of Crude Oil

The $83.00 resistance zone for crude oil prices versus the US dollar was difficult to overcome. The price dropped below the $80.65 resistance and trended lower.

On the crude oil chart, if it descends below the 200-simple Moving Average, the price may trend lower towards the support zone before an upward reversal.

However, if the bulls get re-enforced, there could be a short-term gain toward the resistance zone of $83.5.

Economic Release To Trade Today

  • The US Core Durable Goods Orders forecast -0.2 versus -0.1% previous
  • The US Durable Goods Orders forecast 0.7% versus -0.1%.
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.