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May 07, 2025

XAU/USD chart on the hourly time frame

XAU/USD chart on the hourly time frame

It continues to record significant gains, currently trading near $3,388 per ounce. The continued weakness in the dollar has pushed it to consolidate above 3,380, indicating the potential for continued upward momentum. If prices hold above this level for a while, gold could test the 3,410 and then 3,435 levels later. Conversely, any decline below 3,355 could return prices to test the 3,320 levels during the week.
 
Resistance 3 Resistance 2 Resistance 1 Pivot Point Support 1 Support 2 Support 3
3408.97
3399.55
3393.82
3384.53
3375.62
3369.89
3360.60
USOIL chart on the hourly time frame

USOIL chart on the hourly time frame

It is trading at $59.13 per barrel after a series of sharp fluctuations over the past few days. The market appears to be currently trying to consolidate above $59.00, and if successful, it could see a move towards $60.50 and possibly $62 in the near term. However, if selling pressure continues, prices could return to $57.30 or lower.
 
Resistance 3 Resistance 2 Resistance 1 Pivot Point Support 1 Support 2 Support 3
59.649
59.472
59.368
59.195
59.022
58.914
58.748
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