Market Analysis: Gold Breaks to Record High as WTI Crude Seeks Rebound

Gold price started a fresh surge above $4,350 and traded to a new all-time high. Crude oil is recovering and might rise toward the $58.50 resistance zone.

Important Takeaways for Gold and WTI Crude Oil Prices Analysis Today

· Gold price rallied to a new all-time high and traded above $4,395 against the US Dollar.

· A key bullish trend line is forming with support at $4,334 on the hourly chart of gold at FXOpen.

· WTI Crude oil is recovering losses and trading above $56.20.

· There was a break above a major bearish trend line with resistance at $56.00 on the hourly chart of XTI/USD at FXOpen.

Gold Price Technical Analysis

On the hourly chart of Gold at FXOpen, the price formed support near $4,240. The price remained in a bullish zone and started a fresh increase above $4,300, as mentioned in the previous analysis.

The bulls pushed the price above $4,360 level and the 50-hour simple moving average. Finally, it traded to a new all-time high at $4,397. The price is still showing bullish signs above $4,380, and the RSI is above 70.

Initial support on the downside is near the 23.6% Fib retracement level of the upward move from the $4,271 swing low to the $4,397 high at $4,365. The next area of interest might be near a key bullish trend line at $4,335 and the 50% Fib retracement.

A downside break below the trend line might send the price to $4,300. If the bulls fail to protect $4,300, the price could start a larger downside correction. In the stated case, Gold could drop toward $4,240.

The next area for the bulls might be $4,220. A daily close below $4,220 could spark bearish moves and send the price to $4,150.

If there is a fresh increase, the price could face resistance at $4,400. The next sell zone might be $4,420. An upside break above the $4,420 resistance could send Gold price toward $4,465. Any more gains may perhaps set the pace for an increase to $4,500.

WTI Crude Oil Price Technical Analysis

On the hourly chart of WTI Crude Oil at FXOpen, the price found support near $54.85 against the US Dollar. The price formed a base and started a recovery wave above $55.50 and the 50-hour simple moving average.

The bulls were able to push the price above the 23.6% Fib retracement level of the downward move from the $58.80 swing high to the $54.84 swing low. Besides, there was a break above a major bearish trend line with resistance at $56.00.

The hourly RSI is above the 60 level, and the price is attempting to close above the 50% Fib retracement. The next hurdle could be $57.85. A clear move above $57.85 could send the price toward $58.50. Any more gains might open the doors for a test of $58.80.

Conversely, the price might start a fresh decline from $57.30 or $57.85. Immediate support sits near $56.45 or the 50-hour simple moving average. The key breakdown zone on the WTI crude oil chart might be $55.55.

If there is a downside break, the price might decline toward $54.85. Any more losses might encourage the bears for a push toward $54.00.