Gold price climbed towards the $1,320 level recently before correcting lower. Crude oil price is currently consolidating gains and remains supported on dips near $59.50.
Important Takeaways for Gold and Oil
- Gold price is placed nicely in an uptrend above the $1,300 support level against the US Dollar.
- There is a major bullish trend line in place with support at $1,305 on the hourly chart of gold.
- Crude oil price spiked above the $60.00 level before it ran into a connecting resistance trend line at $60.40 on the hourly chart of XTI/USD.
- The price is correcting lower, but it remains supported near the $59.50 and $59.20 support levels.
Gold Price Technical Analysis
Gold price started a solid upward move from well below the $1,295 level against the US Dollar. The price climbed above the $1,300 and $1,305 resistance levels to move into a positive zone.
The price even broke the $1,310 resistance and the 50 hourly simple moving average. It traded as high as $1,320 on FXOpen before sellers initiated a fresh downside correction. They pushed the price below the $1,310 support and the 50 hourly SMA.
However, the price remained supported above the $1,300 level. A low was formed near $1,303 and recently the price corrected higher. It is currently testing the $1,310 resistance and the 50 hourly SMA.
Besides, the 38.2% Fib retracement level of the recent decline from the $1,320 high to $1,303 low is also near the $1,309 level. The next key resistance is near the $1,312 level, which acted as a hurdle for buyers on many occasions earlier.
The 50% Fib retracement level of the recent decline from the $1,320 high to $1,303 low is also near the $1,312 level. Therefore, a successful break above the $1,310 and $1,312 levels is must for the price to extend the current upward move.
If it declines once again, an initial support is near the $1,307 level. There is also a major bullish trend line in place with support at $1,305 on the hourly chart of gold.
Oil Price Technical Analysis
Crude oil price followed a slow and steady rise from the $57.50 support zone against the US Dollar. The price traded higher and broke the $58.00 and $58.80 resistance levels.
The price even settled above the $59.50 level and the 50 hourly simple moving average. Finally, there was a break above the $60.00 resistance area. However, the price faced a strong barrier near a connecting resistance trend line at $60.40 on the hourly chart of XTI/USD.
The price started a downside correction and traded below the $60.00 level. There was a break below the 23.6% Fib retracement level of the recent wave from the $58.57 low to $60.40 high.
However, there is a strong support formed near the $59.70 level and the 50 hourly SMA. The next key support is near $59.50 and the 50% Fib retracement level of the recent wave from the $58.57 low to $60.40 high.
If the price continues to move down, it is likely to find a strong support near the $59.20 level. On the upside, an initial resistance is at $60.20, above which the price is likely to clear the $60.40 high and trade further higher.
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