Market Analysis: Gold Price and Crude Oil Price Turn Green

FXOpen

Gold price started a fresh increase above the $2,335 resistance level. Crude oil prices are gaining bullish momentum and might rise toward $82.50.

Important Takeaways for Gold and Oil Prices Analysis Today

· Gold price started a decent increase from the $2,300 zone against the US Dollar.

· A connecting bullish trend line is forming with support near $2,345 on the hourly chart of gold at FXOpen.

· Crude oil prices rallied above the $79.00 and $80.00 resistance levels.

· There is a key rising channel forming with support at $80.85 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 $2,300 zone. The price formed a base and started a fresh increase above the $2,320 level.

There was a decent move above the 50-hour simple moving average and $2,335. The bulls pushed the price above the $2,350 resistance zone. Finally, the bears appeared near $2,365. A high was formed near $2,365.43 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 $2,306 swing low to the $2,365 high. The RSI is still above 60 and the price could aim for more gains.

Immediate resistance is near the $2,365 level. The next major resistance is near the $2,380 level. An upside break above the $2,380 resistance could send Gold price toward $2,400. Any more gains may perhaps set the pace for an increase toward the $2,420 level.

Initial support on the downside is near the $2,345 zone. There is also a connecting bullish trend line forming with support near $2,345. If there is a downside break below the $2,345 support, the price might decline further.

In the stated case, the price might drop toward the $2,335 support or the 50% Fib retracement level of the upward move from the $2,306 swing low to the $2,365 high.

Read analytical Gold price forecasts for 2024 and beyond.

Oil Price Technical Analysis

On the hourly chart of WTI Crude Oil at FXOpen, the price started a major upward move against the US Dollar. The price gained bullish momentum after it broke the $79.00 resistance.

There was a sustained upward move above the $80.0 and $80.45 resistance levels. The bulls pushed the price toward $81.50. The current price action is positive above the 50-hour simple moving average and RSI is stable above 50.

The price is holding gains above the 23.6% Fib retracement level of the upward move from the $77.52 swing low to the $81.34 high.

If the price climbs higher again, it could face resistance near $81.35. The next major resistance is near the $81.50 level. Any more gains might send the price toward the $82.50 level.

Conversely, the price might correct gains and test $80.85. There is also a rising channel forming with support at $80.85. The next major support on the WTI crude oil chart is near the $80.00 zone, below which the price could test the 50% Fib retracement level of the upward move from the $77.52 swing low to the $81.34 high at $79.00.

If there is a downside break, the price might decline toward $77.50. Any more losses may perhaps open the doors for a move toward the $76.00 support zone.

Start trading commodity CFDs with tight spreads. Open your trading account now or learn more about trading commodity CFDs with FXOpen.

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.

Stay ahead of the market!

Subscribe now to our mailing list and receive the latest market news and insights delivered directly to your inbox.

Latest articles

Commodities

Analysis of XAU/USD: Gold Price Sets Historical Record

As the XAU/USD chart shows, on 16th July, the gold price rose above $2460 for the first time in history. The bullish sentiment is driven by:

→ Anticipation of Fed rate cuts, as the appeal of non-yielding bullion generally increases

Shares

US Banks Set a Bullish Tone at the Start of Earnings Season

Company earnings reports for the second quarter will be a crucial driver of stock market movements in the coming weeks. Traditionally, the largest banks kick off the earnings season, and their performance indicators today are setting a bullish tone.

For

The Dollar Corrected After a Sharp Decline. Will the Uptrend Resume?
Forex Analysis

The Dollar Corrected After a Sharp Decline. Will the Uptrend Resume?

A sustained decline in the core consumer price index in the US contributed to a sharp pullback in the American currency. The GBP/USD currency pair is trading near the psychological level of 1.3000, EUR/USD buyers are attempting

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 60% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.