Market Analysis: Gold Price Slides While WTI Crude Oil Extends Recovery

Gold price extended losses below $4,100 before the bulls appeared. Crude oil price is rising and it could climb further higher toward $62.00.

Important Takeaways for Gold and WTI Crude Oil Prices Analysis Today

· Gold price failed to clear $4,250 and corrected lower against the US Dollar.

· There was a break above a key bearish trend line with resistance at $4,050 on the hourly chart of gold at FXOpen.

· WTI Crude oil prices are moving higher above the $60.00 resistance zone.

· There is a key bullish trend line forming with support near $59.80 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 $4,200. The price even broke $4,220 before the bears appeared. The price traded toward $4,245 before there was a fresh decline.

There was a move below $4,200 and $4,100. The price settled below the 50-hour simple moving average, and RSI dipped below 40. Finally, it tested the $4,000 handle. A low was formed at $3,997 and the price is now attempting to recover.

There was a break above a key bearish trend line with resistance at $4,050. The price climbed above the 23.6% Fib retracement level of the downward move from the $4,244 swing high to the $3,997 low.

Immediate resistance on the upside is $4,100. The first major hurdle sits at $4,150 and the 61.8% Fib retracement. A close above $4,150 could initiate a recovery wave to $4,185. An upside break above $4,185 could send Gold price toward $4,250. Any more gains may perhaps set the pace for an increase toward $4,320.

If there is no recovery wave, the price could continue to move down. Initial support on the downside is near the $4,050 level. The first key area of interest might be $4,000. If there is a downside break below $4,000, the price might decline further. In the stated case, the price might drop to $3,880.

WTI Crude Oil Price Technical Analysis

On the hourly chart of WTI Crude Oil at FXOpen, the price started a decent increase from $58.00 against the US Dollar. The price gained bullish momentum after it broke $59.00.

There was a sustained upward movement above $59.50 and $60.00. The bulls pushed the price above the 50-hour simple moving average, and the RSI climbed toward 70. A high was formed near $60.75 before there was a minor pullback.

The price declined toward the 23.6% Fib retracement level of the upward move from the $58.11 swing low to the $60.75 high. However, the bulls are active above $60.00. There is also a key bullish trend line forming with support near $59.80.

Immediate resistance is near $60.75 level. If the price climbs further, it could face hurdles near $61.50. The next major stop for the bulls might be $62.20. Any more gain might send the price toward $63.50.

Conversely, the price might correct gains and retest the 50-hour simple moving average or the trend line. The next area of interest on the WTI crude oil chart is near the 61.8% Fib retracement at $59.10. If there is a downside break, the price might decline to $58.10. Any more losses may perhaps open the doors for a move toward $56.50.

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