Gold price started a fresh increase from the $1,870 support and climbed above $1,900. Crude oil price is currently rising and trading well above the $40.00 pivot level.
Important Takeaways for Gold and Oil
- Gold price started a strong upward move above the $1,880 and $1,900 levels against the US Dollar.
- There was a break above a key rising channel with resistance near $1,902 on the hourly chart of gold.
- Crude oil price climbed higher steadily after it broke the $38.80 and $40.00 resistance levels.
- There is a major bullish trend line forming with support near $41.00 on the hourly chart of XTI/USD.
Gold Price Technical Analysis
Gold price remained well bid above the $1,870 support level and started a fresh increase against the US Dollar. The price broke the $1,885 and $1,890 resistance levels to move into a positive zone.
There was a proper close above the $1,900 resistance level and the 50 hourly simple moving average. During the rise, there was a break above a key rising channel with resistance near $1,902 on the hourly chart of gold.
Besides, the price surpassed the 50% Fib retracement level of the key decline from the $1,920 high (formed on FXOpen) to $1,872 low. The bulls are clearly in control above $1,905, with positive signs.
The price is trading above the 76.4% Fib retracement level of the key decline from the $1,920 high to $1,872 low. Therefore, there are chances of more upsides towards the $1,920 high in the coming sessions. Any further gains could open the doors for a larger increase towards the $1,945 and $1,950 levels.
If there is a downside correction, the price might find support near the $1,905 level or the broken channel trend line. The next major support is near the $1,900 level, below which the price might retest the 50 hourly simple moving average at $1,890.
Oil Price Technical Analysis
Crude oil price remained well bid and it broke many hurdles near the $38.80 resistance against the US Dollar. The price even broke the $40.00 resistance level to move further into a bullish zone.
The price traded to a new weekly high at $41.67 and it is currently correcting gains. An initial support is near the $41.15 level. It is close to the 23.6% Fib retracement level of the upward move from the $39.46 swing low to $41.67 high.
There is also a major bullish trend line forming with support near $41.00 on the hourly chart of XTI/USD. The next major support is near the $40.55 level or the 50% Fib retracement level of the upward move from the $39.46 swing low to $41.67 high.
The 50 hourly simple moving average is also near the $40.50 level to provide support, below which the price might test the main $40.00 support level. Any further losses might start a larger decline towards $38.00.
On the upside, an initial resistance is near the $41.65 level. A clear break above the $41.65 and $41.80 levels might open the doors for more gains.
The main resistance is near the $42.00 level, above which the bulls are likely to aim a test of the $43.50 level in the coming sessions. An intermediate resistance could be near the $42.80 level.
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