Daily Technical Breakdown: Oil Drops to Four-year Low As Fears of Recession Grow

Gold (XAUUSD)
Gold prices recovered after yesterday’s decline below the $3,000 level. During the London session on Wednesday, the precious metal pushed beyond $3,040 per ounce. Now facing the psychological level of $3,050. The next resistance level for gold is $3,100 preceding the double top at $3,120.

Dow Jones Index (DJ30ft – US30)
After forming a double bottom in the 36,000 range, Dow Jones Industrial Average experienced a rebound towards 38,000 points. With the RSI above 50%, there’s still room for the index to push higher. It’s important to note the next resistance level at 38,000 which also coincides with Moving Average MA(30).

WTI CRUDE Oil (USOUSD)
Oil is still bearish as the price of barrel fell below $60 following the increasing recession fears. And with the RSI still far from the oversold area, more price drops are possible in the upcoming days.
