Market Analysis: Gold and WTI Crude Oil Climb Higher Amid Market Optimism

Gold price started a fresh increase above the $3,350 resistance level. WTI Crude Oil price climbed higher above $66.50 and might extend gains.

Important Takeaways for Gold and WTI Crude Oil Price Analysis Today

• The gold price started a fresh surge and traded above $3,330.
• A key bullish trend line is forming with support at $3,350 on the hourly chart of gold at FXOpen.
• WTI Crude Oil price started a decent increase above the $66.60 resistance levels.
• There was a break above a connecting bearish trend line with resistance at $67.15 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 $3,280 zone. The price started a steady increase above the $3,330 and $3,350 resistance levels.

There was a decent move above the 50-hour simple moving average and $3,360. The bulls pushed the price above the $3,365 resistance zone. A high was formed near $3,373 and the price is now consolidating.

On the downside, immediate support is near the $3,350 level and the 23.6% Fib retracement level of the upward move from the $3,282 swing low to the $3,373 high.

Besides, there is a key bullish trend line forming with support at $3,350. The next major support sits at $3,330 and the 50% Fib retracement level.

A downside break below the $3,330 support might send the price toward $3,300. Any more losses might send the price toward the $3,280 support zone.

Immediate resistance is near the $3,370 level. The next major resistance is near $3,380. An upside break above $3,380 could send Gold price toward $3,400. Any more gains may perhaps set the pace for an increase toward the $3,420 level.

Oil Price Technical Analysis

On the hourly chart of WTI Crude Oil at FXOpen, the price started a decent upward move from $65.50. The price gained bullish momentum after it broke the $66.50 resistance and the 50-hour simple moving average.

The bulls pushed the price above the $67.00 and $67.50 resistance levels. There was a break above a connecting bearish trend line with resistance at $67.15.

The recent high was formed at $67.63 and the price started a downside correction. There was a minor move toward the 23.6% Fib retracement level of the upward move from the $65.54 swing low to the $67.63 high.

The RSI is now above the 60 level. Immediate support on the downside is near the $67.15 zone. The next major support on the WTI Crude Oil chart is near the $66.60 zone or the 50% Fib retracement level, below which the price could test the $65.50 level. If there is a downside break, the price might decline toward $64.70. Any more losses may perhaps open the doors for a move toward the $63.50 support zone.

If the price climbs higher again, it could face resistance near $67.85. The next major resistance is near the $70.00 level. Any more gains might send the price toward the $72.50 level.

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