Web Trader MT5 
Gold Technical Analysis
After reaching a new all-time high yesterday at $3,674, gold retreated and dropped 1.5% from the record level. Profit taking orders pressured gold prices as it fell below the three moving averages MA(5), MA(10) and MA(30).
Gold is currently recovering as it broke above short-term MA(5) and MA(10) and now pushing above mid-term MA(30).
Moving averages show bullish crossover, indicating continuation of the uptrend. MACD is also breaking above the zero line and showing a bullish crossover on MACD signal line.
The outlook for gold prices remains bullish. A break above the recent high could push the precious metal to new record levels
Gold (XAUUSD) 1H Chart
| Resistance | $3,649 | $3,674 | $3,700 |
| Support | $3,618 | $3,596 | $3,579 |
Oil Technical Analysis
Oil has been experiencing a moderate uptrend in the short term as seen on the hourly chart. Price continues to show higher highs and higher lows. The three moving averages are aligned positively, supporting the uptrend.
MACD also shows buyers are in control with increasing green bars. The next major resistance level on the hourly chart is at the $64.00 level. Breaking above this price could open the door for further spikes toward the psychological level $65. Failure to close above it may cause a drop below $63.00 support level.
Oil (USOUSD) 1H Chart
| Resistance | $63.33 | $63.72 | $64.74 |
| Support | $62.61 | $62.11 | $61.69 |
S&P500 Technical Analysis
US indices are mostly positive with S&P500 trading at record highs. Slowing in momentum could bring prices further down to 6,510 before continuing the uptrend.
It’s important to keep an eye at price reaction around the dynamic support level of the 30-period moving average. A bullish reversal candlestick pattern after retesting the moving average could be a sign of another leg upward.
Closing below the moving average MA(30) may pressure prices further below 6,500.
S&P500 1H Chart
| Resistance | 6,532 | 6,550 | 6,575 |
| Support | 6,519 | 6,505 | 6,487 |
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