Gold Price and Crude Oil Price Could Gain Bullish Momentum

FXOpen

Gold price started a recovery wave from the $1,615 level. Crude oil price could gain bullish momentum if it clears the $82.50 resistance zone.

Important Takeaways for Gold and Oil

· Gold price found support near $1,615 and started a recovery wave against the US Dollar.

· There was a break above a key bearish trend line with resistance near $1,658 on the hourly chart of gold.

· Crude oil price also started a recovery wave from the $76.00 zone.

· There is a major bearish trend line forming with resistance near $81.75 on the hourly chart of XTI/USD.

Gold Price Technical Analysis

Gold price declined heavily below the $1,700 level against the US Dollar. The price gained bearish momentum and declined below the $1,680 level.

There was a clear move below the $1,650 support zone and the 50 hourly simple moving average. The price traded as low as $1,615 and recently there was a recovery wave. The price was able to clear the $1,625 resistance zone.

There was a move above the 50% Fib retracement level of the downward move from the $1,687 swing high to $1,615 low. There was also a break above a key bearish trend line with resistance near $1,658 on the hourly chart of gold.

The price of XAU/USD is now trading above the 61.8% Fib retracement level of the downward move from the $1,687 swing high to $1,615 low.

On the upside, the price is facing resistance near the $1,670 level. The first major resistance is near the $1,680 level. The main resistance is now forming near the $1,688 level, above which it could even test $1,700.

A clear upside break above the $1,700 resistance could send the price towards $1,720. An immediate support on the downside is near the $1,655 level. The next major support is near the $1,650 level, below which there is a risk of a larger decline. In the stated case, the price could decline sharply towards the $1,620 support zone.

Oil Price Technical Analysis

Crude oil price started a fresh decline from the $86.50 resistance zone against the US Dollar. The price traded below the $82.00 support zone to move into a short-term bearish zone.

The price even settled below the $80.00 level and the 50 hourly simple moving average. The price traded as low as $75.97 and recently started an upside correction. There was a clear move above the $80.00 resistance level.

The price climbed above the 50% Fib retracement level of the downward move from the $86.52 swing high to $75.97 low. It is now facing resistance near the $81.80 level.

There is also a major bearish trend line forming with resistance near $81.75 on the hourly chart of XTI/USD. The main resistance sits near the $82.50 level or the 61.8% Fib retracement level of the downward move from the $86.52 swing high to $75.97 low, above which the price might accelerate higher towards $86.50 or even $88.00

On the downside, an immediate support is near the $80.00 level. The next major support is near the $78.00 level. If there is a downside break, the price might decline towards $76.50. Any more losses may perhaps open the doors for a move towards the $75.00 support zone.

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.

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