Gold price is gaining pace above the $1,870 level. Crude oil price is also rising and might clear the $80 resistance zone in the near term.

Important Takeaways for Gold and Oil

· Gold price started a strong increase and tested $1,900 against the US Dollar.

· There is a key bullish trend line forming with support near $1,885 on the hourly chart of gold.

· Crude oil price started a fresh increase from the $74.00 support zone.

· There is a major bullish trend line forming with support near $75.40 on the hourly chart of XTI/USD.

Gold Price Technical Analysis

Gold price formed a base above the $1,820 level against the US Dollar. The price started a strong increase above the $1,840 and $1,850 resistance levels to move into a positive zone.

The bulls even pumped the price above the $1,880 and the 50 hourly simple moving average. The price even tested the $1,900 level. A high is formed near $1,901 on FXOpen and the price is now consolidating gains.

An immediate support on the downside is near the $1,894 level. It is close the 23.6% Fib retracement level of the upward move from the $1,871 swing low to $1,901 high.

The next major support is near the $1,885 level. There is also a key bullish trend line forming with support near $1,885 on the hourly chart of gold. The trend line is near the 50% Fib retracement level of the upward move from the $1,871 swing low to $1,901 high.

The next major support is near $1,882, below which there is a risk of a larger decline. In the stated case, the price could decline sharply towards the $1,865 support zone.

On the upside, the first major resistance is near the $1,900 level. The next key hurdle is near the $1,912 level, above which it could even test $1,925. A clear upside break above the $1,925 resistance could send the price towards $1,950.

Oil Price Technical Analysis

Crude oil price also started a fresh increase from the $74.00 support zone against the US Dollar. The price was able to clear the $75.00 and $76.00 resistance levels.

The price even gained pace above the $78.00 level and the 50 hourly simple moving average. Finally, the bears appeared near the $79.30 level. A high was formed near $79.32 and the price is now correcting gains.

The price declined and tested the 23.6% Fib retracement level of the upward move from the $74.23 swing low to $79.32 high.

On the downside, an immediate support is near the $78.10 level. The next major support is near the $76.80 level. It is near the 50% Fib retracement level of the upward move from the $74.23 swing low to $79.32 high.

If there is a downside break, the price might decline towards $75.50. There is also a major bullish trend line forming with support near $75.40 on the hourly chart of XTI/USD.

Any more losses may perhaps open the doors for a move towards the $74.00 support zone. On the upside, the price might face resistance near $79.00. The first major resistance is near the $79.30 level. The main resistance sits near the $80 level, above which the price might accelerate higher towards $82.00 or even $85.00.

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.

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