Daily Market Analysis By FXOpen

Market Analysis: Gold Price and Crude Oil Price Gain Bullish Momentum
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Gold price started a steady increase above the $2,200 resistance level. Crude oil prices are gaining bullish momentum and might rise toward $85.00.

Important Takeaways for Gold and Oil Prices Analysis Today

  • Gold price started a decent increase from the $2,158 zone against the US Dollar.
  • A connecting bullish trend line is forming with support near $2,218 on the hourly chart of gold at FXOpen.
  • Crude oil prices rallied above the $81.60 and $82.00 resistance levels.
  • There is a key bullish trend line forming with support at $82.30 on the hourly chart of XTI/USD at FXOpen.

Gold Price Technical Analysis
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On the hourly chart of Gold at FXOpen, the price found support near the $2,158 zone. The price formed a base and started a fresh increase above the $2,175 level.

There was a decent move above the 50-hour simple moving average and $2,200. The bulls pushed the price above the $2,220 resistance zone. Finally, the bears appeared near $2,235, A high was formed near $2,236.20 and the price is now consolidating gains.

The current price action is positive above the 23.6% Fib retracement level of the upward move from the $2,157 swing low to the $2,236 high. The RSI is still stable near 60 and the price could aim for more gains.

Immediate resistance is near the $2,235 level. The next major resistance is near the $2,240 level. An upside break above the $2,240 resistance could send Gold price toward $2,250. Any more gains may perhaps set the pace for an increase toward the $2,265 level.

Initial support on the downside is near the $2,218 zone. There is also a connecting bullish trend line forming with support near $2,218. If there is a downside break below the $2,218 support, the price might decline further.

In the stated case, the price might drop toward the $2,195 support or the 50% Fib retracement level of the upward move from the $2,157 swing low to the $2,236 high.

TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG

Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
 
DOGE Price Increases by 170% in Less Than 2 Months
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On February 1, 2024, the DOGE/USD rate was = 0.0783. On the last Friday of March, it rose to 0.2150. The rising price means Dogecoin is now the eighth-largest cryptocurrency in the world by market capitalization, overtaking Cardano (ADA) and Avalanche (AVAX) in recent days.

The reason for the positive sentiment is the support of the token from Elon Musk.

As the Independent writes:
→ Rumors have intensified that Elon will integrate DOGE into his social network X (Twitter), which he planned to make "an app for everything." Musk's other companies, SpaceX and Tesla, already support payments in Dogecoin.
→ According to Elon, Dogecoin has the potential to become the main online currency due to its ease of use and efficiency.
→ The billionaire also said that DOGE could become the official currency on Mars if SpaceX can establish a permanent human colony there.
→ The price of DOGE/USD is also supported by the general bullish trend in the cryptocurrency market.

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TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG

Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
 
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