Gold Price Under Pressure While Crude Oil Price Is Rising
Gold price is facing an uphill task and it is struggling to break the $1,460 support area. Crude oil price is rising and it is now trading nicely above the $56.50 support.
Important Takeaways for Gold and Oil
- Gold price failed to climb above the $1480 resistance area and declined recently against the US Dollar.
- There was a break below a major bullish trend line with support near $1,465 on the hourly chart of gold.
- Crude oil price is showing a lot of positive signs above the $56.50 and $57.00 levels.
- There was a break above a key bearish trend line with resistance near $57.05 on the hourly chart of XTI/USD.
Gold Price Technical Analysis
Recently, gold price failed the break the $1,478 and $1,480 resistance levels against the US Dollar. It failed to continue higher and started a renewed bearish wave below the $1,470 level.
Moreover, there was a break below the $1,468 support and 50 hourly simple moving average. Finally, there was a break below a major bullish trend line with support near $1,465 on the hourly chart of gold.
The price traded close to the $1,460 support area and a low was formed near $1,462. At the moment, the price is consolidating losses above $1,460. An immediate resistance is near the 23.6% Fib retracement level of the recent decline from the $1,475 high to $1,462 low.
On the upside, there are many resistances on the upside near the $1,468 and $1,470 levels. There is also a connecting bearish trend line forming with resistance near the $1,468 level on the same chart.
Moreover, the 50% Fib retracement level of the recent decline from the $1,475 high to $1,462 low is also near the $1,468 level to prevent an upside break. Finally, the price must break the $1,470 resistance and the 50 hourly simple moving average to start a strong rise.
On the downside, an initial support is near the $1,460 level. If gold price fails to stay above the $1,460 support, there are chances of a push towards the $1,450 level.
Oil Price Technical Analysis
This week, there was a strong increase in crude oil price above the $56.50 resistance area against the US Dollar. The price even broke the $57.00 resistance zone to move into a bullish zone.
Moreover, there was a break above a key bearish trend line with resistance near $57.05 on the hourly chart of XTI/USD. Finally, the price climbed above the $58.00 level and settled well above the 50 hourly simple moving average.
A new high was formed near $58.60 and the price is currently correcting lower. It is testing the 23.6% Fib retracement level of the recent leg from the $56.58 low to $58.60 high.
On the downside, there are many supports near the $57.80 and $57.50 levels. The first key support is near $57.50 and the 50% Fib retracement level of the recent leg from the $56.58 low to $58.60 high.
Therefore, dips remain well supported on the downside near the $57.50 level. Any further losses may perhaps push the price towards the $56.50 support area.
On the upside, the $58.50 and $58.60 levels are initial hurdles for crude oil price. A successful break above the $58.60 level could push the price towards the $60.00 level.