Gold Price Continues To Struggle Near $2K, Oil Price Recovers
- Gold price is facing a strong resistance above $2,000.
- A connecting bullish trend line is forming with support near $1,945 on the 4-hours chart.
- Crude oil price climbed higher and recovered above $71.20.
- EUR/USD and GBP/USD might aim more upsides.
Gold Price Technical Analysis
Gold price failed again to gain pace above the $2,000 resistance against the US Dollar. The price corrected lower and traded below the $1,965 support zone.
The 4-hours chart of XAU/USD indicates that the price tested the $1,940 zone. It remained stable above the $1,932 support, the 100 simple moving average (red, 4-hours), and the 200 simple moving average (green, 4-hours).
It is now consolidating, with an immediate resistance near the $1,975 level. The next major resistance is near the $1,988 level.
The main resistance is near the $2,000 zone. A successful weekly close above the $2,000 resistance start a strong increase. In the stated case, the price might test $2,065 or even $2,120.
On the downside, an initial support is near the $1,945 level. There is also a connecting bullish trend line forming with support near $1,945 on the same chart. The next major support is near the $1,932 level, below which there is a risk of a move towards the $1,915 level.
The next major support is near the $1,900 level, below which gold price might struggle to stay above the $1,880 zone. In the stated case, gold price could slide towards the $1,850 support.
Looking at EUR/USD, the pair might soon attempt an upside break and it could even clear the 1.0900 resistance zone.
Economic Releases to Watch Today
- US Pending Home Sales for Feb 2023 (YoY) - Forecast -29.4%, versus -24.1% previous.