Market Analysis: Gold Price Retreats Modestly, Oil Price Gains Traction

Gold price rallied above $4,250 before correcting lower. Crude oil price is recovering and it could climb further higher toward $62.00.

Important Takeaways for Gold and Oil Prices Analysis Today

· Gold price gained pace for a move above $4,250 and recently corrected lower against the US Dollar.

· A key bullish trend line is forming with support at $4,195 on the hourly chart of gold at FXOpen.

· Crude oil prices are moving higher above the $59.00 resistance zone.

· There is a connecting bullish trend line forming with support at $59.40 on the hourly chart of XTI/USD at FXOpen.

Gold Price Technical Analysis

On the hourly chart of Gold at FXOpen, the price was able to climb above $4,120, as mentioned in the previous analysis. The price even surpassed $4,250 before the bears appeared.

The price traded close to $4,260 before there was a downside correction. There was a move below $4,240 and $4,220. The price settled below the 50-hour simple moving average, and RSI dipped below 50. There was a move below the 50% Fib retracement level of the upward move from the $4,175 swing low to the $4,260 high.

However, the bulls are active above $4,200. There is also a key bullish trend line forming with support at $4,195 and the 76.4% Fib retracement.

Immediate resistance on the upside is $4,240. The next major resistance is $4,260. An upside break above $4,260 could send Gold price toward $4,275. Any more gains may perhaps set the pace for an increase toward $4,290.

If there is no fresh increase, the price could continue to move down. Initial support on the downside is near $4,195 and the trend line. The first key breakdown zone could be $4,175. If there is a downside break below $4,175, the price might decline further. In the stated case, the price might drop to $4,120.

Oil Price Technical Analysis

On the hourly chart of WTI Crude Oil at FXOpen, the price started a decent increase against the US Dollar. The price gained bullish momentum after it settled above $58.20.

The bulls pushed the price above the 50-hour simple moving average, and the RSI climbed toward 70. The price tested the $60.20 zone and is currently consolidating gains. There was a minor pullback below $60.00, and the price tested the 23.6% Fib retracement level of the upward move from the $58.20 swing low to the $60.20 low.

Immediate resistance is near $60.20. If the price climbs further higher, it could face bears near $60.50. The next key area of interest might be $61.20. Any more gains might send the price toward $62.00.

Conversely, the price might correct gains and test $59.40. There is also a connecting bullish trend line forming with support at $59.40 and the 50-hour simple moving average.

The main bid area on the WTI crude oil chart could be $59.00 and the 61.8% Fib retracement. If there is a downside break, the price might decline toward $58.20. Any more losses may perhaps open the doors for a move to $57.20.