Market Analysis: Gold Price and Crude Oil Price Turn Green
Gold price is showing positive signs above the $1,925 pivot level. Crude oil price is rising and it could climb further higher toward the $85 resistance.
Important Takeaways for Gold and Oil Prices Analysis Today
· Gold price started a fresh increase above $1,920 and $1,925 against the US Dollar.
· A key bullish trend line is forming with support at $1,932 on the hourly chart of gold at FXOpen.
· Crude oil prices are also moving higher above the $82.00 resistance zone.
· There is a connecting bullish trend line forming with support near $82.80 on the hourly chart of XTI/USD at FXOpen.
Gold Price Technical Analysis
On the hourly chart of Gold at FXOpen, the price started a fresh increase from the $1,900 zone. The price was able to clear the $1,925 resistance to move into a bullish zone.
There was a steady increase above the 50-hour simple moving average. Finally, the bears appeared near $1,950. The price is now correcting gains below the $1,942 level and the 50-hour simple moving average.
The RSI is back below 50 and the price is testing the 23.6% Fib retracement level of the upward move from the $1,903 swing low to the $1,950 high. There is also a key bullish trend line forming with support at $1,932.
If the bulls remain active, the price could start a fresh increase. Immediate resistance is near the 50-hour simple moving average at $1,942. The next major resistance is near the $1,950 level. An upside break above the $1,950 resistance could send Gold price toward $1,965. Any more gains may perhaps set the pace for an increase toward the $1,980 level.
Initial support on the downside is near the $1,938 level. The first major support is near the trend line at $1,932. The main support is near the 50% Fib retracement level of the upward move from the $1,903 swing low to the $1,950 high at $1,925.
If there is a downside break below the $1,925 support, the price might decline further. In the stated case, the price might drop toward the $1,905 support.
Oil Price Technical Analysis
On the hourly chart of WTI Crude Oil at FXOpen, the price started a decent increase against the US Dollar. The price gained bullish momentum after it broke the $80.65 resistance as mentioned in the previous analysis.
There was a sustained upward move above the $82.00 and $82.50 resistance levels. The bulls pushed the price toward $83.50. The current price action is positive above the 50-hour simple moving average and RSI is well above 60.
If the price climbs further higher, it could face resistance near $83.80. The first major resistance is near the $84.20 level. Any more gains might send the price toward the $85.00 level.
Conversely, the price might correct gains and test the 23.6% Fib retracement level of the upward move from the $80.65 swing low to the $83.44 high at $82.80. There is also a connecting bullish trend line forming with support near $82.80.
The next major support on the WTI crude oil chart is near the 50% Fib retracement level of the upward move from the $80.65 swing low to the $83.44 high at $82.00.
If there is a downside break, the price might decline toward $80.65. Any more losses may perhaps open the doors for a move toward the $78.65 support zone.