Gold price remains supported for more gains above $2,000. Crude oil price is declining and might dive if there is a break below $65.00.
Important Takeaways for Gold and Oil Prices Analysis Today
- Gold price rallied toward $2,080 before it started a downside correction against the US Dollar.
- It is now trading above a connecting bullish trend line with support near $1,940 on the weekly chart of gold at FXOpen.
- Crude oil prices are moving lower below $83.75 support.
- There was a break below a major bullish trend line with support near $90.00 on the weekly chart of XTI/USD at FXOpen.
Gold Price Technical Analysis
On the weekly chart of Gold at FXOpen, the price started a fresh increase above the $1,870 resistance. The price gained pace and rallied above the $2,000 level.
There was a close above the 50-week simple moving average. It even surpassed $2,050 and tested $2,080. A high was formed near $2,081 before there was a downside correction. There was a move below the 23.6% Fib retracement level of the upward move from the $1,804 swing low to the $2,081 high.
The price tested the 50% Fib retracement level of the upward move from the $1,804 swing low to the $2,081 high at $1,940.
The price is also trading above a connecting bullish trend line with support near $1,940. If there is a downside break, the price might decline toward the $1,870 support. The next major support is near $1,740, below which the bulls could aim for a test of $1,660.
On the upside, the price might face resistance near the $2,050 level. The next major resistance is near the $2,080 level. An upside break above the $2,080 resistance could send Gold price toward $2,120. Any more gains may perhaps set the pace for an increase toward the $2,200 level.
Oil Price Technical Analysis
On the weekly chart of WTI Crude Oil at FXOpen, the price climbed higher steadily above the $83.75 resistance against the US Dollar. It even broke the $100 barrier before the bears appeared near $120.
A high was formed near $126.37 and there was a downward move. There was a break below a major bullish trend line with support near $90.00. The price declined below the 50-week simple moving average and RSI dropped below 50.
There was a move below the 23.6% Fib retracement level of the key increase from the $10.42 swing low to the $126.37 high. It is now consolidating above $65.
The bulls are protecting the 50% Fib retracement level of the key increase from the $10.42 swing low to the $126.37 high. On the upside, the first major resistance is near the 50-week simple moving average at $83.75.
The next major resistance is near the $100.00 level. Any more gains might send the price toward the $120.00 level in the coming weeks.
On the downside, support is near the $65.00 level. The next major support on the WTI crude oil chart is near $44.20. If there is a downside break, the price might decline toward $38.00. Any more losses may perhaps open the doors for a move toward the $25.00 support zone.
