Market Analysis: Gold Price Surges While Crude Oil Price Dips Amid Israel-Hamas War

FXOpen

Gold price surged above the $1,848 resistance after the Israel-Hamas war escalated. Crude oil price saw swing moves and is now trading below the $83.70 resistance.

Important Takeaways for Gold and Oil Prices Analysis Today

· Gold price started a steady increase from the $1,810 zone against the US Dollar.

· A key rising channel is forming with support near $1,868 on the hourly chart of gold at FXOpen.

· Crude oil prices failed to clear the $86.00 region and corrected gains.

· There is a connecting bearish trend line forming with resistance near $83.00 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 $1,810 zone. The price started a steady increase after the Israel-Hamas war.

There was a decent move above the 50-hour simple moving average. The bulls pushed the price above the $1,848 and $1,868 resistance levels. Finally, the price tested the $1,885 zone before the bears appeared.

There was a minor downside correction below $1,880 and the RSI dipped below 50. The price tested the 50-hour simple moving average and the 23.6% Fib retracement level of the upward move from the $1,810 swing low to the $1,885 high.

There is also a key rising channel forming with support near $1,868. Initial support on the downside is near the 50-hour simple moving average or $1,868.

The first major support is near the 50% Fib retracement level of the upward move from the $1,810 swing low to the $1,885 high at $1,848. If there is a downside break below the $1,848 support, the price might decline further. In the stated case, the price might drop toward the $1,828 support.

Immediate resistance is near the $1,885 level. The next major resistance is near the $1,900 level. An upside break above the $1,900 resistance could send Gold price toward $1,920. Any more gains may perhaps set the pace for an increase toward the $1,950 level.

Oil Price Technical Analysis

On the hourly chart of WTI Crude Oil at FXOpen, the price started a fresh increase against the US Dollar. The price gained bullish momentum after it broke the $83.70 resistance.

However, the bears were active near the $86.00 zone and the price reacted to the downside. The war situation in Israel is tense and putting pressure on oil prices. There was a drop back toward the $81.40 support.

It is now consolidating losses near the 23.6% Fib retracement level of the downward move from the $85.97 swing high to the $81.43 low, and the RSI is below 50. If there is a fresh increase, it could face resistance near $83.00, a connecting trend line, and the 50-hour simple moving average.

The first major resistance is near the 50% Fib retracement level of the downward move from the $85.97 swing high to the $81.43 low at $83.70. Any more gains might send the price toward the $85.40 level.

Conversely, the price might continue to move down and revisit the $81.40 support. The next major support on the WTI crude oil chart is $81.00. If there is a downside break, the price might decline toward $78.50. Any more losses may perhaps open the doors for a move toward the $76.50 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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