Gold price has taken support of its horizontal trend line at 40,300 levels on the hourly chart. Momentum indicator MACD has shown positive crossover on the hourly time frame, which indicates bullishness in the price. Based on the above technical parameters, gold is looking bullish with a potential to reach 41,200. The outlook will change below 40,600 levels.
Crude Oil
Crude oil price has given breakout of its falling trend line at 4,470 levels on the hourly chart. Price is trading above Parabolic SAR indictor on the hourly chart, which suggests upside in the price. Based on above technical parameters, Crude oil is looking bullish with a potential to reach 4,580. The outlook will change below 4,450 levels
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