Gold price started a fresh upward move from the $1,460 support and climbed above $1,480. On the other hand, crude oil price is currently under pressure and recently broke the $55.00 support.
Important Takeaways for Gold and Oil
- Gold price is currently climbing and is trading above the $1,500 resistance area against the US Dollar.
- There is a major bullish trend line forming with support near $1,505 on the hourly chart of gold.
- Crude oil price is currently under pressure and it recently broke the $54.00 support area.
- There is a crucial bearish trend line forming with resistance near $53.20 on the hourly chart of XTI/USD.
Gold Price Technical Analysis
Recently, gold price tested the $1,460 support area and started a fresh increase against the US Dollar. A swing low was formed near $1,459 and the price climbed above the $1,465 and $1,480 resistance levels.
The upward move gained pace once the price broke the $1,480 resistance and the 50 hourly simple moving average. Moreover, there was a break above the 61.8% Fib retracement level of the last decline from the $1,536 high to $1,459 low.
Moreover, the price broke the $1,500 resistance area on FXOpen and even climbed above the $1,510 level. It tested the $1,520 resistance area, where sellers took a stand.
It seems like the 76.4% Fib retracement level of the last decline from the $1,536 high to $1,459 low acted as a key resistance. At the moment, the price is trading just above the $1,505 and $1,500 support levels.
There is also a major bullish trend line forming with support near $1,505 on the hourly chart of gold. If there is a downside break below the trend line support, the price could test the $1,500 support area.
Any further losses might push the price towards the $1,480 support area. On the upside, the main resistance area is near the $1,520 level. A clear break above the $1,520 resistance could push the price towards the $1,535 and $1,540 levels.
Oil Price Technical Analysis
This week, crude oil price followed a bearish path and settled below the $55.00 support area against the US Dollar. The price even gained pace below the $55.00 support and traded below the $54.00 support.
Moreover, there was a close below the $54.00 support and the 50 hourly simple moving average. It even traded below the $52.50 support and a low was formed recently near $52.07.
At the moment, the price is consolidating losses above the $52.00 support. An immediate resistance is near the $53.00 level, plus the 38.2% Fib retracement level of the recent decline from the $54.28 high to $52.07 low.
The main resistance is near the $53.20 and $53.50 levels. Additionally, there is a crucial bearish trend line forming with resistance near $53.20 on the hourly chart of XTI/USD.
The trend line coincides with the 50% Fib retracement level of the recent decline from the $54.28 high to $52.07 low. Therefore, an upside break above the $53.20 and $53.50 levels is must for decent recovery in oil price in the near term.
Conversely, a downside break below the $52.00 support might spark more losses. The next key support below $52.00 is near the $50.20 and $50.00 levels.
