Gold Price and Crude Oil Price Aim Higher

FXOpen

Gold price started a decent recovery wave from the $1,750 support. Crude oil price is rising and it is now trading nicely above the $74.00 level.

Important Takeaways for Gold and Oil

  • Gold price started a fresh recovery wave after forming a base above $1,750 against the US Dollar.
  • There is a key bearish trend line forming with resistance near $1,780 on the hourly chart of gold.
  • Crude oil price climbed higher and it even surged above the $75.00 resistance.
  • There was a break above a major contracting triangle with resistance near $73.65 on the hourly chart of XTI/USD.

Gold Price Technical Analysis

This week, gold price formed a decent support base above the $1,750 zone against the US Dollar. The price started a fresh upward move and it surpassed the $1,760 resistance zone.

The price even settled above the $1,765 level and the 50 hourly simple moving average. However, the price seems to be facing a strong resistance near the $1,780 zone. There is also a key bearish trend line forming with resistance near $1,780 on the hourly chart of gold.

Gold Price Technical Analysis

A high is formed near $1,782 on FXOpen and the price is now consolidating gains. An upside break above the trend line could spark more gains above $1,782.

An immediate resistance on the upside is near the $1,795 level. The first major resistance is near the $1,800 level. If the price breaks the $1,800 level, it could accelerate higher. In the stated case, the price could rise towards the $1,840 zone.

Conversely, the price might resume its decline below $1,775. An initial support is near the $1,765 level. It is near the 50% Fib retracement level of the recent increase from the $1,750 low to $,1782 high.

The first major support is near the $1,760 level. The next key support is near the $1,750 level, below which the price might continue to move down towards the $1,720 level in the near term.

Oil Price Technical Analysis

Crude oil price extended its upward move above the $72.00 level against the US Dollar. The price even climbed above the $74.00 level and it traded to a new multi-month high.

During the increase, there was a break above a major contracting triangle with resistance near $73.65 on the hourly chart of XTI/USD. A high was formed near $75.66 before the price started a downside correction. There was a break below the $75.00, but the price remained well above the 50 hourly simple moving average.

Oil Price Technical Analysis

It tested the 38.2% Fib retracement level of the recent increase from the $71.68 swing low to $75.66 high. On the downside, an initial support is forming near the $74.00 level.

The main support is now forming near the $73.65 level. It is near the 50% Fib retracement level of the recent increase from the $71.68 swing low to $75.66 high. A downside break below the $73.65 level could open the doors for a move towards the $72.00 support level.

On the upside, an initial resistance is near the $75.50 level. The next key resistance is near the $75.65 level. Any more gains could lift the price towards the $78.00 resistance zone in the near term.

This forecast represents FXOpen Markets Limited opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Markets Limited products and services or as financial advice.

Trade over 50 forex markets 24 hours a day with FXOpen. Take advantage of low commissions, deep liquidity, and spreads from 0.0 pips. Open your FXOpen account now or learn more about trading forex with FXOpen.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Stay ahead of the market!

Subscribe now to our mailing list and receive the latest market news and insights delivered directly to your inbox.

forex

Forex Trading with FXOpen

Forex Trading with FXOpen

Experience ECN technology for deep liquidity and light-speed trade execution

  • Access over 50 markets
  • Trade with spreads from 0.0 pips
  • Take advantage of commissions from $1.50/lot
Learn more

Latest articles

Shares

Tesla Shares (TSLA) Drop Nearly 6% Ahead of Quarterly Report

On Monday, Tesla’s share price fell by almost 6%, dipping below $230 and hovering near its yearly low. Since the beginning of 2025, Tesla shares have lost approximately 44% in value, marking their worst quarter since 2022.

Why Is

Forex Analysis

USD/JPY Analysis: Exchange Rate Falls Below 140 Yen per Dollar Today

As shown on the USD/JPY chart today, the exchange rate between the US dollar and Japanese yen has fallen below 140 yen per dollar – marking the first time this has occurred in 2025. Since the beginning of the year,

Shares

Coca-Cola Company (KO) Shares Trade Near All-Time High

Stock market charts indicate that from the start of last week’s trading through to its close:

→ The S&P 500 Index (US SPX 500 mini on FXOpen) declined by approximately 3%;
→ Pepsico (PEP) shares dropped by more than

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 60% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.