Gold price extended losses below $5,100 before the bulls appeared. WTI Crude oil prices are rising and could climb further higher toward $80.00.

Important Takeaways for Gold and WTI Crude Oil Prices Analysis Today

· Gold price failed to clear $5,420 and corrected lower against the US Dollar.

· There is a key bearish trend line forming with resistance at $5,255 on the hourly chart of gold at FXOpen.

· WTI Crude oil prices are moving higher above the $72.00 resistance zone.

· There is a bullish trend line forming with support near $72.85 on the hourly chart of XTI/USD at FXOpen.

Gold Price Technical Analysis

On the hourly chart of Gold at FXOpen, the price was able to climb above $5,150. The price even broke $5,250 before the bears appeared. The price traded toward $5,420 before there was a fresh decline.

There was a move below $5,250 and $5,050. The price settled below the 50-hour simple moving average, and RSI dipped below 40. Finally, it tested the $5,000 handle. A low was formed at $4,995 and the price is now attempting to recover.

The price climbed above the 23.6% Fib retracement level of the downward move from the $5,419 swing high to the $4,995 low. Immediate resistance on the upside is $5,205 and the 50% Fib retracement.

The first major hurdle sits at $5,255. There is also a key bearish trend line forming with resistance at $5,255. A close above $5,255 could initiate a recovery wave to $5,420. An upside break above $5,420 could send Gold price toward $5,500. Any more gains may perhaps set the pace for an increase toward $5,650.

If there is no fresh increase, the price could continue to move down. Initial support on the downside is near the $5,125 level. The first key area of interest might be $5,080. If there is a downside break below $5,080, the price might decline further. In the stated case, the price might drop to $5,000.

WTI Crude Oil Price Technical Analysis

On the hourly chart of WTI Crude Oil at FXOpen, the price started a strong increase from $63.50 against the US Dollar. The price gained bullish momentum after it broke $68.00.

There was a sustained upward movement above $69.50 and $72.00. The bulls pushed the price above the 50-hour simple moving average, and the RSI climbed toward 80. A high was formed near $77.07 before there was a minor pullback.

The price declined below the 23.6% Fib retracement level of the upward move from the $63.56 swing low to the $77.07 high. However, the bulls are active above $72.00. There is also a key bullish trend line forming with support near $72.85.

Immediate resistance is $75.00. If the price climbs further, it could face hurdles near $77.05. The next major stop for the bulls might be $78.00. Any more gain might send the price toward $80.00.

Conversely, the price might correct gains and retest the 50-hour simple moving average or the trend line. The next area of interest on the WTI crude oil chart is near the 50% Fib retracement at $70.35. If there is a downside break, the price might decline to $66.75. Any more losses may perhaps open the doors for a move toward $63.55.

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