Market Analysis: Gold Rallies To New ATH, WTI Crude Oil Eyes Recovery

Gold price started a fresh surge above $2,720. Crude oil is recovering and might rise toward the $73.85 resistance zone.

Important Takeaways for Gold and Oil Prices Analysis Today

· Gold price started a strong increase from the $2,645 zone against the US Dollar.

· A major bullish trend line is forming with support at $2,735 on the hourly chart of gold at FXOpen.

· Crude oil is recovering losses and trading above the $70.50 support.

· There was a break above a connecting bearish trend line with resistance near $70.00 on the hourly chart of XTI/USD at FXOpen.

Gold Price Technical Analysis

On the hourly chart of Gold at FXOpen, the price formed support near the $2,645 zone. The price remained in a bullish zone and started a fresh increase above $2,680.

The bulls even pushed the price above the $2,720 level and the 50-hour simple moving average. Finally, it traded to a new all-time high at $2,748. The price is now consolidating gains near the $2,745 zone and the RSI is above 50.

Initial support on the downside is near a major bullish trend line at $2,735 and the 50-hour simple moving average. The next support sits near the 23.6% Fib retracement level of the upward move from the $2,645 swing low to the $2,748 high at $2,725.

The first major support is near the $2,700 zone or the 50% Fib retracement level of the upward move from the $2,645 swing low to the $2,748 high.

If there is a downside break below the $2,700 support, the price might decline further. In the stated case, the price might drop toward the $2,670 support. Immediate resistance is near the $2,748 level. The next major resistance is near the $2,750 level.

An upside break above the $2,750 resistance could send Gold price toward $2,765. Any more gains may perhaps set the pace for an increase toward the $2,780 level.

WTI Crude Oil Price Technical Analysis

On the hourly chart of WTI Crude Oil at FXOpen, the price found support near the $68.15 zone against the US Dollar. The price formed a base and started a recovery wave above $70.00 and the 50-hour simple moving average.

The bulls were able to push the price toward the 50% Fib retracement level of the downward move from the $75.61 swing high to the $68.13 swing low. Besides, there was a break above a connecting bearish trend line with resistance near $70.00.

The hourly RSI is near the 70 level, but the price is struggling near $71.85. The next resistance is near the 61.8% Fib retracement level of the downward move from the $75.61 swing high to the $68.13 swing low at $72.75.

A clear move above the $72.75 could send the price toward the $73.85 resistance. Any more gains might send the price toward the $75.60 level. Conversely, the price might start a fresh decline from the $71.85 resistance.

Immediate support sits near the $70.50 level. The next major support on the WTI crude oil chart is $68.15. If there is a downside break, the price might decline toward $66.00. Any more losses may perhaps open the doors for a move toward the $65.00 support zone.