Gold price is showing positive signs above the $1,925 pivot level. Crude oil price is rising and it could climb further higher toward the $85 resistance.
Important Takeaways for Gold and Oil Prices Analysis Today
- Gold price started a fresh increase above $1,920 and $1,925 against the US Dollar.
- A key bullish trend line is forming with support at $1,932 on the hourly chart of gold at FXOpen.
- Crude oil prices are also moving higher above the $82.00 resistance zone.
- There is a connecting bullish trend line forming with support near $82.80 on the hourly chart of XTI/USD at FXOpen.
Gold Price Technical Analysis
On the hourly chart of Gold at FXOpen, the price started a fresh increase from the $1,900 zone. The price was able to clear the $1,925 resistance to move into a bullish zone.
There was a steady increase above the 50-hour simple moving average. Finally, the bears appeared near $1,950. The price is now correcting gains below the $1,942 level and the 50-hour simple moving average.
The RSI is back below 50 and the price is testing the 23.6% Fib retracement level of the upward move from the $1,903 swing low to the $1,950 high. There is also a key bullish trend line forming with support at $1,932.
If the bulls remain active, the price could start a fresh increase. Immediate resistance is near the 50-hour simple moving average at $1,942. The next major resistance is near the $1,950 level. An upside break above the $1,950 resistance could send Gold price toward $1,965. Any more gains may perhaps set the pace for an increase toward the $1,980 level.
Initial support on the downside is near the $1,938 level. The first major support is near the trend line at $1,932. The main support is near the 50% Fib retracement level of the upward move from the $1,903 swing low to the $1,950 high at $1,925.
If there is a downside break below the $1,925 support, the price might decline further. In the stated case, the price might drop toward the $1,905 support.
Oil Price Technical Analysis
On the hourly chart of WTI Crude Oil at FXOpen, the price started a decent increase against the US Dollar. The price gained bullish momentum after it broke the $80.65 resistance as mentioned in the previous analysis.
There was a sustained upward move above the $82.00 and $82.50 resistance levels. The bulls pushed the price toward $83.50. The current price action is positive above the 50-hour simple moving average and RSI is well above 60.
If the price climbs further higher, it could face resistance near $83.80. The first major resistance is near the $84.20 level. Any more gains might send the price toward the $85.00 level.
Conversely, the price might correct gains and test the 23.6% Fib retracement level of the upward move from the $80.65 swing low to the $83.44 high at $82.80. There is also a connecting bullish trend line forming with support near $82.80.
The next major support on the WTI crude oil chart is near the 50% Fib retracement level of the upward move from the $80.65 swing low to the $83.44 high at $82.00.
If there is a downside break, the price might decline toward $80.65. Any more losses may perhaps open the doors for a move toward the $78.65 support zone.
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.
