Gold price extended losses below $4,500 before the bulls appeared. WTI Crude oil prices are rising and could climb further higher toward $105.00.

Important Takeaways for Gold and WTI Crude Oil Prices Analysis Today

· Gold price failed to clear $5,000 and declined heavily against the US Dollar.

· There is a key bearish trend line forming with resistance at $4,525 on the hourly chart of gold at FXOpen.

· WTI Crude oil prices are moving higher above the $95.00 resistance zone.

· There was a break above a connecting bearish trend line at $97.00 on the hourly chart of XTI/USD at FXOpen.

Gold Price Technical Analysis

On the hourly chart of Gold at FXOpen, the price failed to settle above $5,000 and reacted to the downside, as discussed in the previous analysis. The price traded below $4,800 and $4,650 to enter a bearish zone.

There was a sharp drop below $4,500. The price settled below the 50-hour simple moving average, and RSI dipped below 30. Finally, it tested the $4,320 zone. A low was formed at $4,319, and the price is now consolidating losses.

Immediate resistance on the upside is $4,420 or the 23.6% Fib retracement level of the downward move from the $4,734 swing high to the $4,319 low.

The first major hurdle sits at $4,525. There is also a key bearish trend line forming with resistance at $4,525 and the 50% Fib retracement. A close above $4,525 could initiate a recovery wave to $4,635. An upside break above $4,635 could send Gold price toward $4,735. Any more gains may perhaps set the pace for an increase toward $5,010.

If there is no fresh increase, the price could continue to move down. Initial support on the downside is near the $4,320 level. The first key area of interest might be $4,300. If there is a downside break below $4,300, the price might decline further. In the stated case, the price might drop to $4,200.

WTI Crude Oil Price Technical Analysis

On the hourly chart of WTI Crude Oil at FXOpen, the price started a strong increase from $91.80 against the US Dollar. The price gained bullish momentum after it broke $95.00.

There was a sustained upward movement above $95.50 and $98.00. More importantly, there was a break above a connecting bearish trend line at $97.00. The bulls pushed the price above the 50-hour simple moving average, and the RSI climbed toward 60.

A high was formed near $99.42 before there was a minor pullback. The price declined below the 23.6% Fib retracement level of the upward move from the $91.77 swing low to the $99.42 high.

However, the bulls are active above $95.00. Immediate resistance is $99.40. If the price climbs further, it could face hurdles near $100.00. The next major stop for the bulls might be $102.00. Any more gain might send the price toward $105.00.

Conversely, the price might correct gains and retest the 50-hour simple moving average at $95.60 and the 50% Fib retracement. The next area of interest on the WTI crude oil chart could be $94.70.

If there is a downside break, the price might decline to $91.80. Any more losses may perhaps open the doors for a move toward $85.00.

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