Oil and gold challenge with significant technical levels

In the gold market, following the mid-term downtrend, the price has broken the major support level of $ 1740 and is pulling back to the broken level. Meanwhile, the US Consumer Confidence Monthly Index was released yesterday, has been reduced for the third month in a row, reducing short-term demand for the US dollar and supporting the gold price pullback.

However, in the mid-term, the first possibility is that the downtrend will continue with the end of the short-term correction. In addition, the results of today’s meeting of central banks governors in the virtual event “Policy panel” could also affect the price of gold.

In the oil market and the Brent oil index, the price has continued its upward trend in the mid-term, passing the historical resistance to the highest level since October 2018. It has reached a significant level of $ 80 per barrel as a historical resistance, and, In the short term, the price has not been able to cross this significant level. It moves in the correction and reversal conditions, which is likely to continue this downward and corrective movement in the short term.

The index of weekly changes in US crude oil inventories will be announced today, which experts predict will decrease for the eighth consecutive week, and is likely to reduce by more than two million barrels. In general, the releasing of this index and its difference from the forecasted numbers can affect the short-term trend of crude oil prices.