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Jan 29, 2025

XAU/USD chart on the hourly time frame

XAU/USD chart on the hourly time frame

Gold price traded with noticeable positivity to penetrate the 2755.00 level and stabilize above it, activating the upward wave on the short-term and heading towards visiting the 2790.00 level as the next main target.

Therefore, the upward trend will be likely for today, it may be preceded by some sideways fluctuations due to the negative effect of the Stochastic indicator, waiting for the gathering of positive momentum that contributes to pushing the price to achieve the expected target, noting that breaking 2740.00 will stop the upward trend and pressure the price to start a downward correction on the short-term.
Resistance 3 Resistance 2 Resistance 1 Pivot Point Support 1 Support 2 Support 3
2769.90
2767.38
2765.63
2763.01
2760.20
2758.84
2756.03
USOIL chart on the hourly time frame

USOIL chart on the hourly time frame


Oil price returned to decline after the rise it witnessed in the previous sessions, and conducted a new test of the 73.90 level, waiting to break this level to confirm the extension of the downward corrective wave and target the 72.30 level as the next negative station.

Noting that breaking 75.53 will stop the negative scenario and lead the price to turn higher, heading towards achieving gains of up to 77.53 in the near term.
Resistance 3 Resistance 2 Resistance 1 Pivot Point Support 1 Support 2 Support 3
73.754
73.636
73.561
73.440
73.327
73.253
73.132
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