Market Analysis: Gold and Oil Prices Signal More Upsides
Gold price started a fresh increase above the $2,500 resistance level. Crude oil prices climbed higher above $76.00 before the bears appeared.
Important Takeaways for Gold and Oil Prices Analysis Today
· Gold price started a steady increase from the $2,470 zone against the US Dollar.
· A connecting bullish trend line is forming with support near $2,505 on the hourly chart of gold at FXOpen.
· Crude oil prices extended gains above the $76.00 and $77.00 resistance levels.
· There was a break below a key bullish trend line with support at $75.80 on the hourly chart of XTI/USD at FXOpen.
Gold Price Technical Analysis
On the hourly chart of Gold at FXOpen, the price formed a base near the $2,470 zone. The price started a steady increase above the $2,490 and $2,500 resistance levels.
There was a decent move above the 50-hour simple moving average and $2,515. The bulls pushed the price above the $2,320 resistance zone. Finally, the bears appeared near $2,525. A high was formed near $2,526 and the price is now consolidating gains.
The price dipped a few points below the 23.6% Fib retracement level of the upward move from the $2,470 swing low to the $2,526 high. The RSI is now below 50 and the price is now approaching a connecting bullish trend line with support near $2,505.
If there is a downside break below the $2,505 support, the price might decline further. In the stated case, the price might drop toward the $2,490 support or the 61.8% Fib retracement level of the upward move from the $2,470 swing low to the $2,526 high. The next major support sits at $2,470.
Immediate resistance is near the $2,518 level. The next major resistance is near the $2,525 level. An upside break above the $2,525 resistance could send Gold price toward $2,540. Any more gains may perhaps set the pace for an increase toward the $2,550 level.
Read analytical Gold price forecasts for 2024 and beyond.
Oil Price Technical Analysis
On the hourly chart of WTI Crude Oil at FXOpen, the price started a major upward move from $71.35 against the US Dollar. The price gained bullish momentum after it broke the $73.60 resistance.
The bulls pushed the price above the $75.00 and $75.80 resistance levels. The recent high was formed at $77.18 and the price started a downside correction below the 50-hour simple moving average. The RSI dipped below the 50 level and the price broke the 23.6% Fib retracement level of the upward move from the $71.34 swing low to the $77.18 high.
There was also a break below a key bullish trend line with support at $75.80. Immediate support on the downside is near the $75.00 level.
The next major support on the WTI crude oil chart is near the $74.25 zone or the 50% Fib retracement level of the upward move from the $71.34 swing low to the $77.18 high, below which the price could test the $73.60 zone.
If there is a downside break, the price might decline toward $72.70. Any more losses may perhaps open the doors for a move toward the $71.35 support zone.
If the price climbs higher again, it could face resistance near $75.80. The next major resistance is near the $77.20 level. Any more gains might send the price toward the $78.80 level.