Market Analysis: Gold Price and Crude Oil Price Gain Bullish Momentum

Gold price started a steady increase above the $2,200 resistance level. Crude oil prices are gaining bullish momentum and might rise toward $85.00.

Important Takeaways for Gold and Oil Prices Analysis Today

· Gold price started a decent increase from the $2,158 zone against the US Dollar.

· A connecting bullish trend line is forming with support near $2,218 on the hourly chart of gold at FXOpen.

· Crude oil prices rallied above the $81.60 and $82.00 resistance levels.

· There is a key bullish trend line forming with support at $82.30 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 $2,158 zone. The price formed a base and started a fresh increase above the $2,175 level.

There was a decent move above the 50-hour simple moving average and $2,200. The bulls pushed the price above the $2,220 resistance zone. Finally, the bears appeared near $2,235, A high was formed near $2,236.20 and the price is now consolidating gains.

The current price action is positive above the 23.6% Fib retracement level of the upward move from the $2,157 swing low to the $2,236 high. The RSI is still stable near 60 and the price could aim for more gains.

Immediate resistance is near the $2,235 level. The next major resistance is near the $2,240 level. An upside break above the $2,240 resistance could send Gold price toward $2,250. Any more gains may perhaps set the pace for an increase toward the $2,265 level.

Initial support on the downside is near the $2,218 zone. There is also a connecting bullish trend line forming with support near $2,218. If there is a downside break below the $2,218 support, the price might decline further.

In the stated case, the price might drop toward the $2,195 support or the 50% Fib retracement level of the upward move from the $2,157 swing low to the $2,236 high.

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 $80.00 resistance.

There was a sustained upward move above the $81.60 and $82.00 resistance levels. The bulls pushed the price toward $82.80. The current price action is positive above the 50-hour simple moving average and RSI is stable above 60.

The price is holding gains above the 23.6% Fib retracement level of the upward move from the $80.30 swing low to the $82.87 high.

If the price climbs higher again, it could face resistance near $82.90. The next major resistance is near the $83.50 level. Any more gains might send the price toward the $85.00 level.

Conversely, the price might correct gains and test $82.30. There is also a key bullish trend line forming with support at $82.30. The next major support on the WTI crude oil chart is near the $81.60 zone and the 50% Fib retracement level of the upward move from the $80.30 swing low to the $82.87 high.

If there is a downside break, the price might decline toward $80.30. Any more losses may perhaps open the doors for a move toward the $78.80 support zone.

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