Gold price is correcting lower from the $1,988 resistance. Crude oil price is rising, and it could climb further higher toward the $77.10 resistance.
Important Takeaways for Gold and Oil Prices Analysis Today
- Gold prices failed to clear the 1,988 resistance and corrected lower against the US Dollar.
- Gold traded below a key bullish trend line with support at $1,980 on the hourly chart at FXOpen.
- Crude oil prices are moving higher, above the $75.00 resistance zone.
- There is a key bullish trend line forming with support near $75.60 on the hourly chart of XTI/USD at FXOpen.
Gold Price Technical Analysis
On the hourly chart of gold at FXOpen, the price climbed above the $1,966 resistance. The price even broke the $1,980 level before the bearish sentiment arose.
XAU/USD traded as high as $1,987 before the downside correction. There was a move below a key bullish trend line with support at $1,980. The price settled below the 50-hour simple moving average, and RSI dipped below 50.
The bulls are now protecting the 50% Fib retracement level of the upward move from the $1,945 swing low to the $1,987 high at $1,966. If they remain active, the price could start a fresh increase.
Immediate resistance is near the 50-hour simple moving average at $1,978. The next major resistance is near the $1,988 level. An upside break above $1,988 could send the Gold price toward $1,995. Any more gains may perhaps set the pace for an increase toward the $2,000 level.
Initial support on the downside is near $1,966. The first major support is near the 61.8% Fib retracement level of the upward move from the $1,945 swing low to the $1,987 high at $1,962.
If there is a downside break below this level, the price might decline further. In the stated case, it may drop toward the $1,955 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. It gained bullish momentum after it broke the $72.50 resistance, as mentioned in the previous analysis.
There was a sustained upward move above the $75.00 and $75.60 resistance levels. The bulls pushed the price above the 61.8% Fib retracement level of the downward move from the $76.81 swing high to the $74.45 low.
It is now trading above the 50-hour simple moving average, and the RSI is rising above 60. The bears seem to be active near the 76.4% Fib retracement level of the downward move from the $76.81 swing high to the $74.45 low.
If the price climbs further, it could face resistance near $76.80. The first major resistance is near the $77.10 level. Any more gains might send the price toward the $78.80 level.
Conversely, the price might correct gains and retest the 50-hour simple moving average and a connecting bullish trend line at $75.60. The next major support on the WTI crude oil chart is near $75.00.
If there is a downside break, the price might decline toward $73.80. Any more losses may perhaps open the doors for a move toward the $72.50 support zone.
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