Market Analysis: Gold Price Sets New High While WTI Price Dips Further

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.