Market Analysis: Gold and WTI Crude Oil Prices Could Gain Bullish Pace

FXOpen -

Gold started a fresh increase above the $3,300 resistance level. WTI Crude Oil is gaining bullish momentum and might even test $62.75.

Important Takeaways for Gold and WTI Crude Oil Price Analysis Today

  • Gold price started a steady increase from the $3,250 zone against the US Dollar.
  • A connecting bearish trend line is forming with resistance at $3,318 on the hourly chart of gold at FXOpen.
  • WTI Crude Oil climbed above the $60.50 and $60.80 resistance levels.
  • There was a break above a key bearish trend line with resistance at $60.80 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 $3,250 zone, formed a base, and started a fresh increase above the $3,280 level.

The bulls cleared the $3,300 zone and the 50-hour simple moving average. There was also a move above the 61.8% Fib retracement level of the downward move from the $3,331 swing high to the $3,271 low. The RSI is now above 50 and the price could aim for more gains.

Immediate resistance is near the 76.4% Fib retracement level of the downward move from the $3,331 swing high to the $3,271 low at $3,318. There is also a connecting bearish trend line forming with resistance at $3,318.

The next major resistance is near the $3,330 level. An upside break above the $3,330 resistance could send Gold price toward $3,382. Any more gains may perhaps set the pace for an increase toward the $3,400 level.

Initial support on the downside is near the $3,300 zone. If there is a downside break below the $3,300 support, the price might decline further.

In the stated case, the price might drop toward the $3,270 support. The next major support sits at $3,250. Any more losses might send the price toward the $3,220 level.

WTI Crude Oil Price Technical Analysis

On the hourly chart of WTI Crude Oil at FXOpen, the price started a fresh upward move from $59.45 against the US Dollar. The price gained bullish momentum after it broke the $60.00 resistance.

The bulls pushed the price above the 50% Fib retracement level of the downward move from the $62.76 swing high to the $59.45 low. The price even climbed above the 50-hour simple moving average. Besides, there was a break above a key bearish trend line with resistance at $60.80.

It tested the $61.50 resistance zone and the 61.8% Fib retracement level of the downward move from the $62.76 swing high to the $59.45 low.

The RSI is now near the 50 level and the price could aim for more gains. If the price climbs higher again, it could face resistance near $62.00. The next major resistance is near the $62.75 level. Any more gains might send the price toward the $63.45 level or even $65.00.

Conversely, the price might correct gains and test the $60.80 support level. The next major support on the WTI Crude Oil chart is near the $59.45 zone, below which the price could test the $58.00 zone.

If there is a downside break, the price might decline toward $56.50. Any more losses may perhaps open the doors for a move toward the $55.50 support zone.