Gold price rallied sharply and broke the $1,350 and $1,400 resistance levels. Similarly, crude oil price gained bullish momentum and broke the $55.00 resistance area.

Gold Price Technical Analysis

Gold price formed a solid support base above $1,350 and recently rallied above $1,380 against the US Dollar. The price gained bullish momentum above $1,390 after the Fed indicated possibilities of a rate cut in the near future.





The recent upward move was strong since the price even broke the $1,400 resistance area and settled above the 50 hourly simple moving average. It climbed towards the $1,415 level and a new monthly high was formed near $1,411 on FXOpen.

Read more about Gold and Crude Oil technical analysis and its important takeaways