Gold Price Rising While Crude Oil Price Struggling To Recover

FXOpen

Gold price remained in a positive zone and traded above the $1,420 and $1,430 resistance levels. Crude oil price declined recently and tested the key $55.00 support area.

Important Takeaways for Gold and Oil

  • Gold price remained well supported above the $1,400 level and recently climbed higher against the US Dollar.
  • There is a major bullish trend line forming with support near $1,430 on the hourly chart of gold.
  • Crude oil price started a significant drop below the $58.00 and $57.00 support levels.
  • There is a key bearish trend line forming with resistance near $57.20 on the hourly chart of XTI/USD.

Gold Price Technical Analysis

Gold price formed a strong support above the $1,400 level and consolidated for a few sessions against the US Dollar. Finally, the price started a fresh increase and broke the $1,410 and $1,420 resistance levels.

The upward move was strong as the price even broke the key $1,430 resistance area and settled above the 50 hourly simple moving average. Finally, there was break above the $1,445 and $1,450 resistance levels.

Gold Price Technical Analysis Chart

A swing high was formed near $1,452 on FXOpen and the price recently started a downside correction. It broke the $1,450 and $1,445 support levels. Moreover, there was a break below the 23.6% Fib retracement level of the recent wave from the $1,414 low to $1,452 high.

However, there are many supports on the downside near the $1,435 and $1,430 levels. Moreover, there is a major bullish trend line forming with support near $1,430 on the hourly chart of gold.

The trend line support is close to the 50% Fib retracement level of the recent wave from the $1,414 low to $1,452 high. Therefore, gold price is likely to find a strong buying interest above the $1,430 level in the near term.

On the upside, an initial resistance is near the $1,450 level. If there is an upside break above $1,450, the price could continue to rise above the $1,455 level in the near term.

Oil Price Technical Analysis

After struggling above the $60.50 level, crude oil price formed a top near the $61.00 level against the US Dollar. The price started a nasty decline and broke many supports near the $58.00 and $57.00 levels.

The decline was such that the price settled below the $58.00 support and 50 hourly simple moving average. It even broke the $56.00 support level and spiked below the $55.00 level.

Oil Price Technical Analysis

A swing low was formed near $54.80 and the price is currently correcting higher. The price broke the $55.50 resistance plus the 50% Fib retracement level of the recent decline from the $57.43 high to $54.83 low.

However, the price is facing a strong resistance near the $56.45 level. The 61.8% Fib retracement level of the recent decline from the $57.43 high to $54.83 low is also acting as a resistance.

Moreover, there is a key bearish trend line forming with resistance near $57.20 on the hourly chart of XTI/USD. Therefore, the price seems to be facing a lot of hurdles near the $56.80 and $57.00 levels.

On the downside, an immediate support is near the $55.80 level. If there are more losses, the price may move back towards the $55.00 support level in the near term.

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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.

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