In recent days, crude oil prices have shown signs of recovery from the $67.70 zone. This upward movement has allowed the price to break through the $70.00 zone and enter into a positive zone. Analyzing the 4-hour chart of XTI/USD, we can see that the price has settled above the $73.50 zone, as well as the 200 simple moving average (green, 4-hour) and the 100 simple moving average (red, 4-hour). Furthermore, the price has surpassed the $75.00 level and the 61.8% Fibonacci retracement level of the downward move from the $79.61 swing high to the $67.70 low. Currently, the price is consolidating gains around the $75.00 zone.
However, there are some obstacles that the price must overcome in order to continue its upward trajectory. The first major resistance is near the $75.80 level, and if it can surpass this level, the next hurdle lies at the $77.20 zone, which, if broken, could lead to an acceleration in the price increase. In this scenario, the price may even reach the $78.00 resistance. On the downside, immediate support is found near the $73.60 level. Additionally, a key rising channel is forming with support near $73.80 on the same chart. If the price fails to maintain this support, the next level to watch for is at $72.25. A break below this support could result in a sharp decline, with the price potentially diving towards the $70.00 support. Further losses might call for a test of the $68.00 support zone.
Gold Price Technical Analysis
Gold prices have also witnessed a steady increase, with the bulls able to push the price above the $2,065 resistance zone. This positive movement suggests that there is potential for further gains in the near future. However, it is important to closely monitor the price action to identify any potential reversal or consolidation patterns.
Key levels to watch for in the gold market include the resistance zones at $2,065 and $2,100. If the price manages to break above $2,100, it could signal a continuation of the upward trend, with potential targets at $2,150 and $2,200. Alternatively, if the price fails to maintain momentum and experiences a pullback, support levels to keep an eye on are $2,000 and $1,950.
EUR/USD Technical Analysis
The EUR/USD currency pair has recently surged above the 1.1040 resistance zone, indicating a potential bullish momentum. This breakout suggests that the euro could gain strength against the US dollar in the short term. Traders should closely monitor the price action to identify any potential consolidation or reversal patterns.
The next key level to watch for is the resistance zone around 1.1150. A successful break above this level could open up further upside potential, with potential targets at 1.1200 and 1.1300. On the downside, immediate support is found near 1.1000, followed by the 1.0900 level. A break below these support levels could indicate a reversal, with potential targets at 1.0800 and 1.0700.
Both crude oil and gold prices have experienced positive movements, suggesting potential gains in the near future. However, it is important for traders to closely monitor the price action and key levels of support and resistance to identify potential trading opportunities. Additionally, it is crucial to implement proper risk management strategies and stay informed about market news and events that could impact these commodities and currency pairs.
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