Market Analysis: Gold Price Dips From $2K While Crude Oil Price Recovers

Gold price surged toward the $2,000 zone before the bears appeared. Crude oil price is attempting a recovery wave above the $75.00 zone.

Important Takeaways for Gold and Oil Prices Analysis Today

· Gold price started a steady increase from the $1,965 zone against the US Dollar.

· A key bearish trend line is forming with resistance at $1,995 on the hourly chart of gold at FXOpen.

· Crude oil prices started a decent recovery wave from the $73.80 support.

· There is a connecting bearish trend line forming with resistance near $77.00 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 $1,965 zone. The price remained in a bullish zone and started a strong increase above $1,985.

There was a decent move above the 50-hour simple moving average. The bulls pushed the price above the $1,985 and $1,995 resistance levels. Finally, the price tested the $2,005 zone before the bears appeared.

There was a minor downside correction below $2,000 and the RSI dipped below 50. There was a move below the 23.6% Fib retracement level of the upward move from the $1,965 swing low to the $2,007 high.

Initial support on the downside is near the 50% Fib retracement level of the upward move from the $1,965 swing low to the $2,007 high at $1,985. The first major support is near the $1,975 zone.

If there is a downside break below the $1,975 support, the price might decline further. In the stated case, the price might drop toward the $1,965 support.

Immediate resistance is near a key bearish trend line at $1,995 and the 50-hour simple moving average. The next major resistance is near the $2,005 level. An upside break above the $2,005 resistance could send Gold price toward $2,020. Any more gains may perhaps set the pace for an increase toward the $2,032 level.

Oil Price Technical Analysis

On the hourly chart of WTI Crude Oil at FXOpen, the price found support near the $73.80 zone against the US Dollar. The price formed a base and started a recovery wave above $74.50.

The bulls were able to push the price above the 50% Fib retracement level of the downward move from the $78.44 swing high to the $73.81 low. The hourly RSI is back above the 50 level, but the price is struggling near the 50-hour simple moving average.

There is also a connecting bearish trend line forming with resistance near $77.00. It is close to the 61.8% Fib retracement level of the downward move from the $78.44 swing high to the $73.81 low.

A clear move above the trend line resistance could send the price toward the $78.40 resistance. Any more gains might send the price toward the $80.00 level.

Conversely, the price might start a fresh decline from the $77.00 resistance. Immediate support sits near the $76.10 level. The next major support on the WTI crude oil chart is $73.80.

If there is a downside break, the price might decline toward $72.35. Any more losses may perhaps open the doors for a move toward the $70.00 support zone.

Start trading commodity CFDs with tight spreads (additional fees may apply). 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.