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Gold Price and Crude Oil Price Aim Fresh Increase Gold price is attempting a fresh increase above the $1,780 resistance zone. Crude oil price could gain pace if there is a clear move above the $68.00 level. Important Takeaways for Gold and Oil Gold price started a fresh decline from well above the $1,800 zone against the US Dollar. There is a key bearish trend line forming with resistance near $1,775 on the hourly chart of gold. Crude oil price declined sharply below $72.00 and $70.00 levels. There was a break above a major declining channel with resistance near $66.50 on the hourly chart of XTI/USD. Gold Price Technical Analysis Gold price started a fresh decline from well above the $1,820 pivot level against the US Dollar. The price declined heavily and it even broke the $1,800 support zone. The price even settled below the $1,800 level and the 50 hourly simple moving average. Finally, there was a break below the $1,780 support zone. A low was formed near $1,761 on FXOpen and the price is now correcting higher. Gold Price Hourly Chart There was a recovery wave above the $1,770 level. The price surpassed the 23.6% Fib retracement level of the recent decline from the $1,795 swing high to $1,761 high. An immediate resistance on the upside is near the $1,775 level. There is also a key bearish trend line forming with resistance near $1,775 on the hourly chart of gold. The next major resistance is near the $1,780 level. The 50% Fib retracement level of the recent decline from the $1,795 swing high to $1,761 high is also near $1,780. The main resistance is near the $1,800 level. A close above the $1,800 level could open the doors for a steady increase towards $1,820. The next major resistance sits near the $1,840 level. On the downside, an initial support is near the $1,765 level. The first major support is near the $1,760 level. A downside break below the $1,760 support zone may possibly spark a steady decline. In the stated case, the price could test the $1,720 support. Read Full on FXOpen Company Blog...  

ETHUSD and LTCUSD Technical Analysis – 02nd DEC, 2021 ETHUSD: Bullish Engulfing Pattern Above $4,400 Ethereum had a major bearish correction last week when it declined towards the $4,000 handle after touching a high of $4,551. ETHUSD started this week in a consolidation phase after which it had a bullish reversal towards $4,700 and touched an intraday high of $4,776 in today’s Asian trading session. We can clearly see a bullish engulfing pattern above $4,400 which signifies a trend reversal, and ETHUSD crossing $4,700. Ethereum price has retracted from its highs due to some profit-taking, but the bullish channel continues, and this week, we are aiming for the upsides of $4,700 and $4,900. ETH is now trading above its pivot level of $4,524 and moving in a mild bullish momentum. The price of ETHUSD has already broken its classic resistance level of $4,545, its Fibonacci resistance level of $4,555, and is now aiming towards the $4,600 handle in the US trading session. Moving averages are giving a NEUTRAL signal. ETH is now trading above both its 100 hourly and 200 hourly simple moving averages. Ethereum is in a mild bullish channel Short-term trend reversal seen above $4,400 All the major technical Indicators are giving NEUTRAL to SELL signals Average true range is indicating LESS market volatility Ether: Bullish Channel Towards $4,900 Confirmed ETHUSD is consolidating its gains above $4,500 in the European trading session and we can clearly see that the bullish channel is back. We are now aiming for the upsides of $4,600 to $4,700 in today’s US trading session. The retracement from $4,000 was very strong, which suggests that there is more room for upsides in Ethereum this month, and $5,500 is the next target. At present, technical indicators are giving a SELL signal which means that in the immediate short-term we will see a decline before the continuation of a bullish channel. ETH has declined by -4.26% with a price change of -202.85$ in the past 24hrs and has a trading volume of 26.670 billion USD. We can see a decrease of 11% in the trading volume as compared to yesterday, which means that new buyers are not entering the markets and waiting for further correction in the levels of Ethereum. Ethereum Gains in 2021 We have seen the prices of Ethereum increasing continuously throughout 2021. Starting from $730 on 1st Jan 2021, Ether is currently trading at $4,568, yielding a gain of 625% to its investors — more than Bitcoin during the same period of time. Ethereum’s performance in 2021 is commendable. The current market valuation of this second-largest cryptocurrency stands at 540.52 billon USD. A number of leading crypto analysts have also predicted that in the next 5 years, Ethereum could outperform bitcoin and become the topmost cryptocurrency in the world. The Week Ahead Ether is printing above $4,500 today, and this week, we could $4,700 to $4,900. The medium to long-term outlook for Ether in December remains bullish with targets of above $5,000. Ether has already broken its major resistance level of $4,580 and is now facing the next resistance level of $4,800. Technical Indicators: Commodity channel index (14-day): indicating a NEUTRAL market Moving averages convergence divergence (14-day): at -27.11 indicating a SELL Average directional change (14-day): indicating a NEUTRAL market Rate of price change: at -2.386 indicating a SELL Read Full on FXOpen Company Blog...