Gold Price and Crude Oil Price Weekly Chart Outlook

FXOpen

Gold price remains supported for more gains above $2,000. Crude oil price is declining and might dive if there is a break below $65.00.

Important Takeaways for Gold and Oil Prices Analysis Today

· Gold price rallied toward $2,080 before it started a downside correction against the US Dollar.

· It is now trading above a connecting bullish trend line with support near $1,940 on the weekly chart of gold at FXOpen.

· Crude oil prices are moving lower below $83.75 support.

· There was a break below a major bullish trend line with support near $90.00 on the weekly chart of XTI/USD at FXOpen.

Gold Price Technical Analysis

On the weekly chart of Gold at FXOpen, the price started a fresh increase above the $1,870 resistance. The price gained pace and rallied above the $2,000 level.

There was a close above the 50-week simple moving average. It even surpassed $2,050 and tested $2,080. A high was formed near $2,081 before there was a downside correction. There was a move below the 23.6% Fib retracement level of the upward move from the $1,804 swing low to the $2,081 high.

The price tested the 50% Fib retracement level of the upward move from the $1,804 swing low to the $2,081 high at $1,940.

The price is also trading above a connecting bullish trend line with support near $1,940. If there is a downside break, the price might decline toward the $1,870 support. The next major support is near $1,740, below which the bulls could aim for a test of $1,660.

On the upside, the price might face resistance near the $2,050 level. The next major resistance is near the $2,080 level. An upside break above the $2,080 resistance could send Gold price toward $2,120. Any more gains may perhaps set the pace for an increase toward the $2,200 level.

Oil Price Technical Analysis

On the weekly chart of WTI Crude Oil at FXOpen, the price climbed higher steadily above the $83.75 resistance against the US Dollar. It even broke the $100 barrier before the bears appeared near $120.

A high was formed near $126.37 and there was a downward move. There was a break below a major bullish trend line with support near $90.00. The price declined below the 50-week simple moving average and RSI dropped below 50.

There was a move below the 23.6% Fib retracement level of the key increase from the $10.42 swing low to the $126.37 high. It is now consolidating above $65.

The bulls are protecting the 50% Fib retracement level of the key increase from the $10.42 swing low to the $126.37 high. On the upside, the first major resistance is near the 50-week simple moving average at $83.75.

The next major resistance is near the $100.00 level. Any more gains might send the price toward the $120.00 level in the coming weeks.

On the downside, support is near the $65.00 level. The next major support on the WTI crude oil chart is near $44.20. If there is a downside break, the price might decline toward $38.00. Any more losses may perhaps open the doors for a move toward the $25.00 support zone.

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This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

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