Market Analysis: Gold and WTI Crude Oil Prices Regain Momentum

Gold price started a fresh increase above the $2,665 resistance level. WTI Crude oil prices climbed higher above $77.00 and might extend gains.

Important Takeaways for Gold and WTI Crude Oil Prices Analysis Today

· Gold price started a steady increase from the $2,630 zone against the US Dollar.

· It cleared a key bearish trend line with resistance at $2,670 on the hourly chart of gold at FXOpen.

· WTI Crude oil prices extended gains above the $74.40 and $76.50 resistance levels.

· There is a short-term declining channel forming with support at $76.00 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 $2,630 zone. The price started a steady increase above the $2,650 and $2,665 resistance levels.

There was a decent move above the 50-hour simple moving average and $2,680. The bulls pushed the price above the $2,690 resistance zone. Finally, the bears appeared near $2,700. A high was formed near $2,697 before there was a downside correction.

A low was formed at $2,656 and the price is again rising. There was a move above the 23.6% Fib retracement level of the downside correction from the $2,697 swing high to the $2,656 low.

Gold cleared a key bearish trend line with resistance at $2,670. The RSI is now above 50 and the price is now facing hurdles. Immediate resistance is near the $2,678 level or the 50% Fib retracement level of the downside correction from the $2,697 swing high to the $2,656 low.

The next major resistance is near the $2,688 level. An upside break above the $2,688 resistance could send Gold price toward $2,698. Any more gains may perhaps set the pace for an increase toward the $2,720 level.

On the downside, immediate support is near the $2,665 level. The next major support sits at $2,655, below which the price might test $2,645. Any more losses might send the price toward the $2,630 support zone.

Oil Price Technical Analysis

On the hourly chart of WTI Crude Oil at FXOpen, the price started a major upward move from $72.30 against the US Dollar. The price gained bullish momentum after it broke the $75.00 resistance and the 50-hour simple moving average.

The bulls pushed the price above the $76.50 and $77.00 resistance levels. The recent high was formed at $77.82 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 $72.32 swing low to the $77.82 high.

The RSI is now below the 50 level and there is a short-term declining channel forming with support at $76.00. Immediate support on the downside is near the $76.50 zone.

The next major support on the WTI crude oil chart is near the $76.00 zone, below which the price could test the $75.05 level and the 50% Fib retracement level of the upward move from the $72.32 swing low to the $77.82 high.

If there is a downside break, the price might decline toward $74.50. Any more losses may perhaps open the doors for a move toward the $72.30 support zone.

If the price climbs higher again, it could face resistance near $77.05. The next major resistance is near the $77.80 level. Any more gains might send the price toward the $78.50 level.