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.
