Market Analysis: Gold Price Gains Traction, Crude Oil Price Rises

FXOpen

Gold price started a fresh increase above $2,350. Crude oil is recovering and might rise toward the $78.40 resistance zone.

Important Takeaways for Gold and Oil Prices Analysis Today

· Gold price started a decent increase from the $2,315 zone against the US Dollar.

· A major bullish trend line is forming with support at $2,368 on the hourly chart of gold at FXOpen.

· Crude oil is recovering losses and trading above the $74.30 support.

· There was a break above a connecting bearish trend line with resistance near $73.50 on the hourly chart of XTI/USD at FXOpen.

Gold Price Technical Analysis

On the hourly chart of Gold at FXOpen, the price formed support near the $2,315 zone. The price remained in a bullish zone and started a fresh increase above $2,340.

The bulls even pushed the price above the $2,350 level and the 50-hour simple moving average. Finally, it traded as high as $2,385. The price is now consolidating gains near the $2,385 zone and the RSI is above 70.

Initial support on the downside is near the 23.6% Fib retracement level of the upward move from the $2,315 swing low to the $2,38 high at $2,368. There is also a major bullish trend line forming with support at $2,368.

The first major support is near the $2,350 zone and the 50-hour simple moving average. It is close to the 50% Fib retracement level of the upward move from the $2,315 swing low to the $2,38 high. If there is a downside break below the $2,350 support, the price might decline further.

In the stated case, the price might drop toward the $2,342 support. Immediate resistance is near the $2,385 level. The next major resistance is near the $2,392 level. An upside break above the $2,392 resistance could send Gold price toward $2,400. Any more gains may perhaps set the pace for an increase toward the $2,420 level.

Oil Price Technical Analysis

On the hourly chart of WTI Crude Oil at FXOpen, the price found support near the $72.40 zone against the US Dollar. The price formed a base and started a recovery wave above $73.50 and the 50-hour simple moving average.

The bulls were able to push the price toward the 50% Fib retracement level of the downward move from the $78.42 swing high to the $72.42 swing low. Besides, there was a break above a connecting bearish trend line with resistance near $73.50.

The hourly RSI is near the 65 level, but the price is struggling near $75.50. The next resistance is near the 61.8% Fib retracement level of the downward move from the $78.42 swing high to the $72.42 swing low at $76.15.

A clear move above the $76.15 could send the price toward the $77.50 resistance. Any more gains might send the price toward the $78.40 level. Conversely, the price might start a fresh decline from the $75.50 resistance.

Immediate support sits near the $74.30 level. The next major support on the WTI crude oil chart is $72.40. If there is a downside break, the price might decline toward $72.40. Any more losses may perhaps open the doors for a move toward the $71.20 support zone.

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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.

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