Market Analysis: Gold and Oil Prices Soar, More Gains Ahead?

Gold price started a fresh increase above the $2,342 resistance level. Crude oil prices are gaining bullish momentum and might soon test $85.00.

Important Takeaways for Gold and Oil Prices Analysis Today

· Gold price started a steady increase from the $2,320 zone against the US Dollar.

· A connecting bullish trend line is forming with support near $2,355 on the hourly chart of gold at FXOpen.

· Crude oil prices extended gains above the $82.00 and $83.00 resistance levels.

· There is a key bullish trend line forming with support at $82.75 on the hourly chart of XTI/USD at FXOpen.

Gold Price Technical Analysis

On the hourly chart of Gold at FXOpen, the price found support near the $2,320 zone. The price formed a base and started a fresh increase above the $2,330 level.

There was a decent move above the 50-hour simple moving average and $2,335. The bulls pushed the price above the $2,355 resistance zone. Finally, the bears appeared near $2,365. A high was formed near $2,364.89 and the price is now consolidating gains.

The price dipped a few points and tested the 23.6% Fib retracement level of the upward move from the $2,319 swing low to the $2,365 high. The RSI is still above 55 and the price could aim for more gains.

Immediate resistance is near the $2,365 level. The next major resistance is near the $2,372 level. An upside break above the $2,372 resistance could send Gold price toward $2,380. Any more gains may perhaps set the pace for an increase toward the $2,400 level.

Initial support on the downside is near the $2,355 zone. There is also a connecting bullish trend line forming with support near $2,355. If there is a downside break below the $2,355 support, the price might decline further.

In the stated case, the price might drop toward the $2,335 support or the 61.8% Fib retracement level of the upward move from the $2,319 swing low to the $2,365 high. The next major support sits at $2,320.

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 $80.45 against the US Dollar. The price gained bullish momentum after it broke the $82.00 resistance.

The bulls pushed the price above the $82.30 and $82.75 resistance levels. The recent high was formed at $83.50 and the price settled above the 50-hour simple moving average. The RSI is now near the 50 level and the price is trading below the 23.6% Fib retracement level of the upward move from the $81.95 swing low to the $83.52 high.

If the price climbs higher again, it could face resistance near $83.50. The next major resistance is near the $83.75 level. Any more gains might send the price toward the $85.00 level.

Conversely, the price might correct gains and test the 50% Fib retracement level of the upward move from the $81.95 swing low to the $83.52 high at $82.75. There is also a key bullish trend line forming with support at $82.75.

The next major support on the WTI crude oil chart is near the $82.30 zone, below which the price could test the $82.00 zone. If there is a downside break, the price might decline toward $80.85. Any more losses may perhaps open the doors for a move toward the $78.50 support zone.