Market Analysis: Gold Price and Crude Oil Price Eye More Upsides

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Gold price started a decent increase above the $2,028 resistance level. Crude oil prices are gaining bullish momentum and might rise toward $80.00.

Important Takeaways for Gold and Oil Prices Analysis Today

· Gold price started a decent increase from the $2,015 zone against the US Dollar.

· A key contracting triangle is forming with support near $2,028 on the hourly chart of gold at FXOpen.

· Crude oil prices rallied above the $76.55 and $77.00 resistance levels.

· There is a key bullish trend line forming with support at $77.80 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 $2,015 zone. The price formed a base and started a fresh increase above the $2,020 level.

There was a decent move above the 50-hour simple moving average and $2,028. The bulls pushed the price above the $2,035 resistance zone. Finally, the bears appeared near $2,040, A high was formed near $2,039.44 and the price is now consolidating gains.

The recent low was formed at $2,028 and the price is now consolidating near the 23.6% Fib retracement level of the downward move from the $2,039 swing high to the $2,028 low.

The RSI is still stable near 40 and the price could aim for more gains. Immediate resistance is near the $2,035 level. It is close to the 61.8% Fib retracement level of the downward move from the $2,039 swing high to the $2,028 low.

The next major resistance is near the $2,040 level. An upside break above the $2,040 resistance could send Gold price toward $2,050. Any more gains may perhaps set the pace for an increase toward the $2,065 level.

Initial support on the downside is near the $2,028 zone. There is also a key contracting triangle forming with support near $2,028. If there is a downside break below the $2,028 support, the price might decline further. In the stated case, the price might drop toward the $2,015 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 $77.00 resistance.

There was a sustained upward move above the $77.80 and $78.00 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 $78.38 high. The price tested the $76.00 support. There was a move below the 23.6% Fib retracement level of the upward move from the $76.96 swing low to the $78.68 high.

If the price climbs higher again, it could face resistance near $78.70. The next major resistance is near the $79.00 level. Any more gains might send the price toward the $80.00 level.

Conversely, the price might correct gains below the $78.20 zone. The next major support on the WTI crude oil chart is near the $77.80 zone and the 50% Fib retracement level of the upward move from the $76.96 swing low to the $78.68 high. There is also a key bullish trend line forming with support at $77.80.

If there is a downside break, the price might decline toward $77.00. Any more losses may perhaps open the doors for a move toward the $75.90 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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