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

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.