Oil and Gold: Gold pulls back to the $2020 support level
- Yesterday, the oil price once again found support in the area around the $72.00 level.
- During the Asian trading session, the price of gold retreated from the $2036 level.
Oil chart analysis
Yesterday, the oil price once again found support in the area around the $72.00 level. The price starts a new recovery from that moment and returns above the $73.00 level. We are now holding above $73.00 and need a continuation of positive consolidation for further recovery. Potential higher targets are the $74.00 and $75.00 levels. We need a negative consolidation and pullback below the $72.50 level for a bearish option.
Adding pressure to the price would be the EMA50 moving average. After that, we could expect the price of oil to continue its retreat. We would again encounter a support zone around the $72.00 level. And the potential lower targets are the $71.00 and $70.00 levels.
Gold chart analysis
During the Asian trading session, the price of gold retreated from the $2036 level. The pullback was stopped at $2021 with the help of the EMA50 moving average. The price recovered from that level, and we are now at $2028. To continue on the bullish side, we need a positive consolidation and a return to the resistance zone around the $2035 level.
If we break above, potential higher targets are the $2040 and $2050 levels. We need a negative consolidation and a drop below the $2020 level for a bearish option. Then we need to stay down there before continuing our descent. Potential lower support targets are $2010 and $2020 levels.