Market Analysis: Gold Dips From Highs As WTI Crude Oil Attempts Rebound

Gold price started a downside correction from $4,380. WTI Crude oil is now attempting to recover after sliding toward $56.00.

Important Takeaways for Gold and WTI Crude Oil Prices Analysis Today

· Gold price climbed higher toward the $4,380 zone before there was a sharp decline against the US Dollar.

· It traded below a bullish trend line with support at $4,300 on the hourly chart of gold at FXOpen.

· WTI Crude oil prices extended losses below the $60.00 support zone.

· It cleared a key bearish trend line with resistance at $57.50 on the hourly chart of XTI/USD at FXOpen.

Gold Price Technical Analysis

On the hourly chart of Gold at FXOpen, the price climbed above $4,200. The price even spiked above $4,300 before the bears appeared.

A high was formed near $4,380 before there was a fresh decline below a bullish trend line with support at $4,300. There was a move below the $4,200 pivot level. The bears even pushed the price below $4,120 and the 50-hour simple moving average.

It tested the $4,000 zone. A low is formed near $4,002 and the price is now correcting losses. There was a minor move above the 23.6% Fib retracement level of the downward move from the $4,381 swing high to the $4,002 low.

Immediate resistance on the upside is near $4,190 and the 50% Fib retracement. The first major hurdle for the bulls could be $4,235 and the 50-hour simple moving average.

The main barrier for the bulls could be near the $4,380 level, above which the price could test the $4,500 zone. Any more gains might call for a move toward $4,650.

An upside break above $4,650 could send Gold price toward $5,000. Initial support on the downside is near $4,090 level. The next key level is $4,000. If there is a downside break below $4,000, the price might decline further. In the stated case, the price might drop toward $3,800.

WTI Crude Oil Price Technical Analysis

On the hourly chart of WTI Crude Oil at FXOpen, the price struggled to continue higher above $62.00 against the US Dollar. The price formed a short-term top and started a fresh decline below $61.20.

There was a steady decline below the $60.00 pivot level. The bears even pushed the price below $58.50 and the 50-hour simple moving average. Finally, the price tested $56.00. The recent swing low was formed near $55.94, and the price is now correcting losses.

There was a move above the 23.6% Fib retracement level of the downward move from the $62.45 swing high to the $55.94 low. The price cleared a key bearish trend line with resistance at $57.50.

On the upside, immediate resistance is near the 50% Fib retracement at $59.20. The main hurdle is $59.95. A clear move above $59.95 could send the price toward $62.45. The next stop for the bulls might be $64.00.

If the price climbs further, it could face sellers near $65.00. Immediate support is $57.50. The next major level on the WTI crude oil chart is $55.95. If there is a downside break, the price might decline toward $55.00. Any more losses may perhaps open the doors for a move toward the $52.00 zone.

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