Oil and gold: Gold this morning close to $2000 again
- During the Asian trading session, the oil price was trying to reach $72.00.
- Yesterday’s attempts to keep the price of gold above the $2020 level were unsuccessful.
Oil chart analysis
During the Asian trading session, the oil price was trying to reach $72.00. The price did not succeed in this, and the oil growth stopped at the $71.80 level. From that level, the current price starts to pull back and falls to $70.60. We now have increased bearish pressure, and the price could easily slip to the $70.00 support level.
This week’s low price was at the $69.38 level. We cannot rule out a retest of that level if the current pressure on oil prices continues. We need a positive consolidation and price breakout above the $72.00 level for a bullish option. This would give us support in the EMA50 moving average, which could be characterized positively. Potential higher targets are the $72.50 and $73.00 levels.
Gold chart analysis
Yesterday’s attempts to keep the price of gold above the $2020 level were unsuccessful. During the Asian trading session, we see a pullback in gold prices. Today’s low price was at the 2002$ level. Since then, the price has recovered to the $2010 level. We need a positive consolidation and price stabilization above the $2010 level for a bullish option.
After that, we could expect to start a further recovery. Potential higher targets are the $2020 previous resistance, then the $2030 level. In the opposite scenario, we will test the support zone at the $2000 level.
