Market Analysis: Gold Price Struggles While Crude Oil Price Aims Higher

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Gold price is moving lower below the $1,918 support. Crude oil price is rising as the bulls aim for a move above the $72.20 resistance.

Important Takeaways for Gold and Oil Prices Analysis Today

· Gold price failed to clear the $1,930 resistance and start a fresh decline against the US Dollar.

· A major bearish trend line is forming with resistance near $1,925 on the hourly chart of gold at FXOpen.

· Crude oil prices are also moving higher above the $71.50 resistance zone.

· There is a key bullish trend line forming with support near $70.50 on the hourly chart of XTI/USD at FXOpen.

Gold Price Technical Analysis

On the hourly chart of Gold at FXOpen, the price struggled to start a fresh increase above the $1,930 resistance. The price started a fresh decline below the $1,918 support.

There was a close below the 50-hour simple moving average and $1,912. It tested the $1,910 support zone. A low is formed at $1,902.60 and the price is now consolidating losses above the 23.6% Fib retracement level of the downward move from the $1,927 swing high to the $1,902 low.

The price is now facing resistance near the $1,912 level. The next major resistance is near the 50-hour simple moving average at $1,918. It is close to the 61.8% Fib retracement level of the downward move from the $1,927 swing high to the $1,902 low.

The main resistance is near a bearish trend line at $1,925 and then $1,930. An upside break above the $1,930 resistance could send Gold price toward $1,938. Any more gains may perhaps set the pace for an increase toward the $1,950 level.

Initial support on the downside is near the $1,902 level. The first major support is near the $1,892 level. If there is a downside break below the $1,892 support, the price might decline further. In the stated case, the price might drop toward the $1,880 support.

Oil Price Technical Analysis

On the hourly chart of WTI Crude Oil at FXOpen, the price remained stable above the $69.50 support against the US Dollar. A base was formed and the price started a decent increase above the $71 level.

There was a clear move above the 50% Fib retracement level of the downward move from the $72.32 swing high to the $70.23 low. It is now trading above the 50-hour simple moving average and the RSI is rising toward 60.

The bulls are showing strength above the 76.4% Fib retracement level of the downward move from the $72.32 swing high to the $70.23 low.

If the price climbs further higher, it could face resistance near $72.20. The first major resistance is near the $72.50 level. Any more gains might send the price toward the $74.00 level in the coming days.

Conversely, the price might correct gains and retest the 50-hour simple moving average at $71.50. The next major support on the WTI crude oil chart is near $70.50 and a connecting bullish trend line. If there is a downside break, the price might decline toward $69.50. Any more losses may perhaps open the doors for a move toward the $68.20 support zone.

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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.

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