Technical Analysis on April 14, 2023: Gold Price Inches Higher While WTI Crude Oil Aims Fresh Increase
Gold price is rising and trading above the $2,030 resistance. WTI is consolidating and might aim for a fresh increase above $83.25.
Important Takeaways for Gold and Oil
- Gold price started a fresh increase above the $2,020 resistance against the US Dollar.
- A key bullish trend line is forming with support near $2,030 on the hourly chart of gold at FXOpen.
- Crude oil price also gained pace and was able to climb above the $82.00 resistance.
- There is a key contracting triangle forming with support near $82.00 on the hourly chart of XTI/USD at FXOpen.
Gold Price Technical Analysis
On the hourly chart of gold at FXOpen, the price formed a base above the $1,990 support zone against the US Dollar. The price started a decent increase and was able to clear the $2,000 resistance zone.
The upward move gained pace above the $2,020 and $2,030 resistance levels. Finally, the bears appeared near $2,050. A high is formed at $2,048, and the price is now consolidating gains.
Initial support on the downside is near the 23.6% Fib retracement level of the recent increase from the $2,001 swing low to the $2,048 high. The first major support is forming near a key bullish trend line at $2,030.
If there is a downside break below the trend line, the price might slide toward the 50-hour simple moving average at $2,025. The next major support is near the 61.8% Fib retracement level of the recent increase from the $2,001 swing low to the $2,048 high at $2,020.
On the upside, the bulls are facing resistance near $2,048. An upside break above the $2,048 resistance could send the price toward $2,060. Any more gains may perhaps set the pace for an increase toward the $2,080 level.
Oil Price Technical Analysis
On the hourly chart of XTI/USD at FXOpen, the price gained pace above the $81.00 resistance zone against the US Dollar. The price climbed above the $82.00 resistance to move into a positive zone.
A high was formed near $83.83 before the price corrected lower. There was a move below the 23.6% Fib retracement level of the upward move from the $79.39 swing low to the $83.38 high. However, the bulls were active near the $82.00 support.
The price is now trading near the 50-hour simple moving average at $82.45. There is also a key contracting triangle forming with support near $82.00.
On the upside, resistance is seen near the triangle’s upper trend line at $83.00. The first major resistance is near the $83.25 level, above which the price might accelerate higher toward $84.20 or even $85.00. Any more gains might send the price toward the $86.50 level in the coming sessions.
On the downside, support is near the $82.00 level. The next major support is near the 61.8% Fib retracement level of the upward move from the $79.39 swing low to the $83.38 high at $81.00.
If there is a downside break, the price might decline toward $79.65. Any more losses may perhaps open the doors for a move toward the $75.00 support zone.
This forecast represents FXOpen Companies’ opinion only, it should not be construed as an offer, invitation, or recommendation with respect to FXOpen Companies’ products and services or as financial advice.