Gold price rallied further and traded to a new high above $2,680. WTI is showing bearish signs and might decline below $66.80.

Important Takeaways for Gold and Oil Prices Analysis Today

· Gold price started a steady increase from the $2,545 zone against the US Dollar.

· A key bullish trend line is forming with support near $2,665 on the hourly chart of gold at FXOpen.

· WTI price failed to clear the $72.20 region and started a fresh decline.

· There is a connecting bearish trend line forming with resistance at $68.10 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 $2,545 zone. The price remained in a bullish zone and started a strong increase above $2,600.

There was a decent move above the 50-hour simple moving average and $2,620. The bulls pushed the price above the $2,635 and $2,650 resistance levels. Finally, the price climbed to a new all-time high near the $2,685 level.

The price is now consolidating gains and showing positive signs above the 23.6% Fib retracement level of the upward move from the $2,546 swing low to the $2,685 high, and the RSI is stable above 50.

Initial support on the downside is near $2,665. There is also a key bullish trend line forming with support near $2,665 and the 50-hour simple moving average. The first major support is near the $2,650 zone. If there is a downside break below the $2,650 support, the price might decline further.

In the stated case, the price might drop toward the 50% Fib retracement level of the upward move from the $2,546 swing low to the $2,685 high at $2,615. Any more losses might push the price toward the $2,580 level.

Immediate resistance is near the $2,685 level. The next major resistance is near the $2,700 level. An upside break above the $2,700 resistance could send Gold price toward $2,720. Any more gains may perhaps set the pace for an increase toward the $2,735 level.

Oil Price Technical Analysis

On the hourly chart of WTI Crude Oil at FXOpen, the price struggled to clear the $72.20 resistance zone against the US Dollar. The price started a fresh decline below the $70.00 support.

The price even dipped below the $68.00 level and the 50-hour simple moving average. The bulls are now active near the $66.80 level. A low was formed at $66.82 and the price is now consolidating losses. If there is a fresh increase, it could face resistance near the 23.6% Fib retracement level of the downward move from the $72.19 swing high to the $66.82 low.

There is also a connecting bearish trend line forming with resistance at $68.10. The first major resistance is near the $69.50 level or the 50% Fib retracement level of the downward move from the $72.19 swing high to the $66.82 low.

Any more gains might send the price toward the $70.90 level. Any more gains might call for a test of $72.20. Conversely, the price might continue to move down and revisit the $66.80 support. The next major support on the WTI crude oil chart is $66.00.

If there is a downside break, the price might decline toward $65.00. Any more losses may perhaps open the doors for a move toward the $62.50 support zone.

Start trading commodity CFDs with tight spreads. Open your trading account now or learn more about trading commodity CFDs with FXOpen.

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.