The recent analysis of gold and crude oil prices revealed that gold prices are currently on the decline after facing strong resistance near the $2,088 mark. The 4-hour chart of XAU/USD indicates that the price has started a fresh decline from that level and is struggling to stay above $2,065. The next major support for gold is expected to be near the $2,010 level, with further losses potentially leading to a drop to $1,975.
On the contrary, an upside break above the $2,050 level could send gold prices soaring towards the $2,065 resistance, with the potential to test the $2,088 level and even reach $2,120. The formation of a key bearish trend line near the $2,050 mark suggests that the price might face resistance at that level.
In addition to the analysis of gold prices, attention was also given to crude oil, with a forecast that the bears may push the price back down after encountering resistance at the $74.00 zone, possibly leading to a bearish reaction targeting $68.00.
In the context of economic releases, the US Goods and Services Trade Balance for November 2023 is forecasted to be $-65.0B, compared to the previous figure of $-64.3B.
Overall, the analysis and forecast of gold and crude oil prices provide valuable insights into the potential trading strategies for these commodities, especially in the context of global economic events and market trends.
