Market Analysis: Gold Slips As WTI Crude Oil Rally Gains Fresh Momentum

Gold price extended losses below $4,650 before the bulls appeared. WTI Crude oil prices are rising and could climb further higher toward $105.

Important Takeaways for Gold and WTI Crude Oil Prices Analysis Today

· Gold price failed to clear $4,800 and declined steadily against the US Dollar.

· There is a key bearish trend line forming with resistance at $4,625 on the hourly chart of gold at FXOpen.

· WTI Crude oil prices are moving higher above the $100.00 pivot zone.

· There is a connecting bullish trend line forming with support at $101.80 on the hourly chart of XTI/USD at FXOpen.

Gold Price Technical Analysis

On the hourly chart of Gold at FXOpen, the price failed to settle above $4,800 and reacted to the downside, as discussed in the previous analysis. The price traded below $4,750 and $4,700 to enter a short-term bearish zone.

There was a sharp drop below $4,650. The price settled below the 50-hour simple moving average, and RSI dipped below 30. Finally, it tested the $4,480 zone. A low was formed at $4,480, and the price is now correcting some losses.

Immediate hurdle on the upside is $4,550 or the 23.6% Fib retracement level of the downward move from the $4,775 swing high to the $4,480 low. The first major barrier for the bulls could be $4,625 and the 50% Fib retracement. There is also a key bearish trend line forming with resistance at $4,625.

A close above $4,625 could initiate a recovery wave to $4,710. An upside break above $4,710 could send Gold price toward $4,780. Any more gains may perhaps set the pace for an increase toward $5,000.

If there is no fresh increase, the price could continue to move down. Initial support on the downside is near the $4,480 level. The first key area of interest might be $4,420. If there is a downside break below $4,420, the price might decline further. In the stated case, the price might drop to $4,200.

WTI Crude Oil Price Technical Analysis

On the hourly chart of WTI Crude Oil at FXOpen, the price started a fresh increase from $95.20 against the US Dollar. The price gained bullish momentum after it broke $98.00.

There was a sustained upward movement above $99.50 and $100.00. The bulls pushed the price above the 50-hour simple moving average, and the RSI climbed toward 80. A high was formed near $103.85 before there was a minor pullback. The price declined toward the 23.6% Fib retracement level of the upward move from the $95.23 swing low to the $103.85 high.

However, the bulls are active above $102.00. Immediate resistance is near $103.80. If the price climbs further, it could face hurdles near $104.25.

The next major stop for the bulls might be $105.00. Any more gain might send the price toward $106.50. Conversely, the price might correct gains and test a connecting bullish trend line with support at $101.80.

The next area of interest on the WTI crude oil chart could be $99.45 and the 50% Fib retracement. If there is a downside break, the price might decline to $97.00. Any more losses may perhaps open the doors for a move toward $95.20.

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