Gold Price and Crude Oil Price Aim More Upsides, Bulls In Control

Gold price climbed higher and traded above the $1,780 resistance. Crude oil price is also rising and might climb further higher above $82.50.

Important Takeaways for Gold and Oil

· Gold price found support near the $1,720 level and started a fresh increase against the US Dollar.

· There is a key bullish trend line forming with support near $1,792 on the hourly chart of gold.

· Crude oil price gained bullish momentum above the $80.00 resistance zone.

· There is a major bullish trend line forming with support near $81.00 on the hourly chart of XTI/USD.

Gold Price Technical Analysis

Gold price formed a base above the $1,720 level against the US Dollar. The price started a fresh increase and was able to clear the $1,750 and $1,765 resistance levels.

There was a clear move above the $1,780 resistance and the 50 hourly simple moving average. The price even broke the $1,800 level and traded as high as $1,804 on FXOpen. Recently, there was a downside correction below the $1,800 level.

An immediate support on the downside is near the $1,792 level. There is also a key bullish trend line forming with support near $1,792 on the hourly chart of gold.

The trend line is close to the 23.6% Fib retracement level of the upward move from the $1,745 swing low to $1,804 high. The next major support is near the $1,775 level or the 50 hourly simple moving average.

The 50% Fib retracement level of the upward move from the $1,745 swing low to $1,804 high is also near $1,775, below which there is a risk of a larger decline.

In the stated case, the price could decline sharply towards the $1,750 support zone. On the upside, the first major resistance is near the $1,800 level.

The main resistance is now forming near the $1,805 level, above which it could even test $1,820. A clear upside break above the $1,820 resistance could send the price towards $1,840.

Oil Price Technical Analysis

Crude oil price also started a fresh increase from the $73.63 support zone against the US Dollar. The price was able to clear the $75.00 and $78.00 resistance levels.

The price even gained pace above the $80.00 level and the 50 hourly simple moving average. Finally, the bears appeared near the $83.30 level. A high was formed near $83.30 and the price is now correcting gains.

On the downside, an immediate support is near the $81.00 level. There is also a major bullish trend line forming with support near $81.00 on the hourly chart of XTI/USD. The trend line is near the 23.6% Fib retracement level of the upward move from the $73.93 swing low to $83.30 high.

The next major support is near the $80.40 level. If there is a downside break, the price might decline towards $78.50 or the 50% Fib retracement level of the upward move from the $73.93 swing low to $83.30 high.

Any more losses may perhaps open the doors for a move towards the $75.00 support zone. On the upside, the price might face resistance near $82.00.

The first major resistance is near the $82.80 level. The main resistance sits near the $83.30 level, above which the price might accelerate higher towards $85.00 or even $86.00.

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