Gold price started a decent increase above the $2,025 resistance level. Crude oil prices are gaining bullish momentum and might rise toward $82.00.
Important Takeaways for Gold and Oil Prices Analysis Today
- Gold price started a decent increase from the $2,025 zone against the US Dollar.
- A connecting bullish trend line is forming with support near $2,032 on the hourly chart of gold at FXOpen.
- Crude oil prices rallied above the $74.90 and $76.00 resistance levels.
- There was a break above a key bearish trend line with resistance near $76.80 on the hourly chart of XTI/USD at FXOpen.
Gold Price Technical Analysis
On the hourly chart of Gold at FXOpen, the price found support near the $2,008 zone. The price formed a base and started a fresh increase above the $2,025 level.
There was a decent move above the 50-hour simple moving average and $2,032. The bulls pushed the price above the $2,040 resistance zone. Finally, the bears appeared near $2,050, A high is formed near $2,048.32 and the price is now consolidating gains.
There was a minor move below the 23.6% Fib retracement level of the upward move from the $2,009 swing low to the $2,048 high. The RSI is still stable above 50 and the price could aim for more gains. Immediate resistance is near the $2,040 level.
The next major resistance is near the $2,050 level. An upside break above the $2,050 resistance could send Gold price toward $2,065. Any more gains may perhaps set the pace for an increase toward the $2,080 level.
Initial support on the downside is near the 50-hour simple moving average or $2,032. There is also a connecting bullish trend line forming with support near $2,032. The trend line is close to the 50% Fib retracement level of the upward move from the $2,009 swing low to the $2,048 high.
If there is a downside break below the $2,032 support, the price might decline further. In the stated case, the price might drop toward the $2,014 support.
Oil Price Technical Analysis
On the hourly chart of WTI Crude Oil at FXOpen, the price started a major rally against the US Dollar. The price gained bullish momentum after it broke the $74.90 resistance.
There was a sustained upward move above the $76.00 and $77.85 resistance levels. The bulls pushed the price toward $79.00. The current price action is positive above the 50-hour simple moving average and RSI is stable above 50.
Recently, there was a minor decline from the $79.12 high. The price tested the $76.00 support. It is again rising above the $76.50 level. There was a break above a key bearish trend line with resistance near $76.80.
There was a move above the 50% Fib retracement level of the downward move from the $79.12 swing high to the $75.76 low. If the price climbs further higher, it could face resistance near $77.85.
The 61.8% Fib retracement level of the downward move from the $79.12 swing high to the $75.76 low is also near the $77.85 zone. The next major resistance is near the $79.00 level. Any more gains might send the price toward the $82.00 level.
Conversely, the price might correct gains below the $77.00 zone. The next major support on the WTI crude oil chart is near the $76.00 zone.
If there is a downside break, the price might decline toward $74.90. Any more losses may perhaps open the doors for a move toward the $73.50 support zone.
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