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

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.