Gold price surged above the $1,960 resistance during the Israel-Hamas war escalated. Crude oil price struggled and declined below the $85.75 support.

Important Takeaways for Gold and Oil Prices Analysis Today

· Gold price started a steady increase from the $1,974 zone against the US Dollar.

· A key bullish trend line is forming with support near $1,982 on the hourly chart of gold at FXOpen.

· Crude oil prices failed to clear the $89.50 region and started a fresh decline.

· There is a connecting bearish trend line forming with resistance near $83.70 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 $1,940 zone. The price remained in bullish zone and started a strong increase above $1,960 during the Israel-Hamas war.

There was a decent move above the 50-hour simple moving average. The bulls pushed the price above the $1,974 and $1,982 resistance levels. Finally, the price tested the $1,995 zone before the bears appeared.

There was a minor downside correction below $1,980 and the RSI dipped below 50. There was a move below the 23.6% Fib retracement level of the upward move from the $1,953 swing low to the $1,993 high.

The price remained strong above the 50-hour simple moving average and the 50% Fib retracement level of the upward move from the $1,953 swing low to the $1,993 high.

There is also a key bullish trend line forming with support near $1,982. Initial support on the downside is near $1,982 and the 50-hour simple moving average. The first major support is near the $1,974 zone. If there is a downside break below the $1,974 support, the price might decline further. In the stated case, the price might drop toward the $1,960 support.

Immediate resistance is near the $1,995 level. The next major resistance is near the $2,000 level. An upside break above the $2,000 resistance could send Gold price toward $2,020. Any more gains may perhaps set the pace for an increase toward the $2,050 level.

Oil Price Technical Analysis

On the hourly chart of WTI Crude Oil at FXOpen, the price struggled to clear the $89.50 resistance zone against the US Dollar. The price started a fresh decline below the $87.80 support.

There was a steady decline below the $85.75 support and the 50-hour simple moving average. Finally, the price declined below the $82.80 support before the bulls appeared. A low is formed near $81.90 and the price is now recovering above the 50-hour simple moving average.

It is now consolidating above the 23.6% Fib retracement level of the downward move from the $89.61 swing high to the $81.86 low, and the RSI moved above 50. If there is a fresh increase, it could face resistance near $83.70 and a connecting trend line.

The first major resistance is near the 50% Fib retracement level of the downward move from the $89.61 swing high to the $81.86 low at $85.75. Any more gains might send the price toward the $87.80 level.

Conversely, the price might continue to move down and revisit the $82.80 support. The next major support on the WTI crude oil chart is $81.90. If there is a downside break, the price might decline toward $80.00. Any more losses may perhaps open the doors for a move toward the $78.50 support zone.

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