Market Analysis: Gold Price and Crude Oil Price Eye Additional Gains

FXOpen

Gold price started a decent increase above the $2,025 resistance level. Crude oil prices are gaining bullish momentum and might rise toward $82.00.

Important Takeaways for Gold and Oil Prices Analysis Today

· Gold price started a decent increase from the $2,025 zone against the US Dollar.

· A connecting bullish trend line is forming with support near $2,032 on the hourly chart of gold at FXOpen.

· Crude oil prices rallied above the $74.90 and $76.00 resistance levels.

· There was a break above a key bearish trend line with resistance near $76.80 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 $2,008 zone. The price formed a base and started a fresh increase above the $2,025 level.

There was a decent move above the 50-hour simple moving average and $2,032. The bulls pushed the price above the $2,040 resistance zone. Finally, the bears appeared near $2,050, A high is formed near $2,048.32 and the price is now consolidating gains.

There was a minor move below the 23.6% Fib retracement level of the upward move from the $2,009 swing low to the $2,048 high. The RSI is still stable above 50 and the price could aim for more gains. Immediate resistance is near the $2,040 level.

The next major resistance is near the $2,050 level. An upside break above the $2,050 resistance could send Gold price toward $2,065. Any more gains may perhaps set the pace for an increase toward the $2,080 level.

Initial support on the downside is near the 50-hour simple moving average or $2,032. There is also a connecting bullish trend line forming with support near $2,032. The trend line is close to the 50% Fib retracement level of the upward move from the $2,009 swing low to the $2,048 high.

If there is a downside break below the $2,032 support, the price might decline further. In the stated case, the price might drop toward the $2,014 support.

Oil Price Technical Analysis

On the hourly chart of WTI Crude Oil at FXOpen, the price started a major rally against the US Dollar. The price gained bullish momentum after it broke the $74.90 resistance.

There was a sustained upward move above the $76.00 and $77.85 resistance levels. The bulls pushed the price toward $79.00. The current price action is positive above the 50-hour simple moving average and RSI is stable above 50.

Recently, there was a minor decline from the $79.12 high. The price tested the $76.00 support. It is again rising above the $76.50 level. There was a break above a key bearish trend line with resistance near $76.80.

There was a move above the 50% Fib retracement level of the downward move from the $79.12 swing high to the $75.76 low. If the price climbs further higher, it could face resistance near $77.85.

The 61.8% Fib retracement level of the downward move from the $79.12 swing high to the $75.76 low is also near the $77.85 zone. The next major resistance is near the $79.00 level. Any more gains might send the price toward the $82.00 level.

Conversely, the price might correct gains below the $77.00 zone. The next major support on the WTI crude oil chart is near the $76.00 zone.

If there is a downside break, the price might decline toward $74.90. Any more losses may perhaps open the doors for a move toward the $73.50 support zone.

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This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

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