Market Analysis: Gold Price and Crude Oil Price Turn Green

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.