Gold price started a fresh increase above $2,320. Crude oil is recovering and might rise toward the $81.20 resistance zone.
Important Takeaways for Gold and Oil Price Analysis Today
Gold price started a decent increase from the $2,300 zone against the US Dollar.
It broke a key descending channel with resistance at $2,315 on the hourly chart of gold at FXOpen.
Crude oil is recovering losses and trading above the $78.55 support.
There was a break above a connecting bearish trendline with resistance near $78.40 on the hourly chart of XTI/USD at FXOpen.
Gold Price Technical Analysis
On the hourly chart of Gold at FXOpen, the price formed support near the $2,275 zone, remained in a bullish zone, and started a strong increase above $2,300.
It broke a key descending channel with resistance at $2,315. The bulls even pushed the price above the $2,345 level and the 50-hour simple moving average. Finally, it traded as high as $2,358. XAU/USD is now consolidating gains near the $2,355 zone and the RSI is above 70.
Initial support on the downside is near the 23.6% Fib retracement level of the upward move from the $2,307 swing low to the $2,358 high at $2,345.
The first major support is near the $2,335 zone. It is close to the 50% Fib retracement level of the upward move from the $2,307 swing low to the $2,358 high. If there is a downside break below the $2,335 support, the price might decline further.
In the stated case, the price might drop toward $2,320 and the 50-hour simple moving average.
Immediate resistance is near the $2,360 level. The next major resistance is near the $2,372 level. An upside break above the $2,372 resistance could send Gold price toward $2,385. Any more gains may perhaps set the pace for an increase toward the $2,400 level.
Oil Price Technical Analysis
On the FXOpen hourly chart of WTI Crude Oil, the price found support near the $76.70 zone, formed a base, and started a recovery wave above $77.75 and the 50-hour simple moving average.
The bulls were able to push the price above the 50% Fib retracement level of the downward move from the $81.22 swing high to the $76.68 swing low. Besides, there was a break above a connecting bearish trendline with a resistance near $78.40.
The hourly RSI is near the 65 level, but the price is struggling near $79.50. It is close to the 61.8% Fib retracement level of the downward move from the $81.22 swing high to the $76.68 swing low.
A clear move above $79.50 could send the price toward the $81.20 resistance. Any more gains might send the price toward the $83.00 level. Conversely, the price might start a fresh decline from the $79.50 resistance.
Immediate support sits near $78.55. The next major support on the WTI crude oil chart is $77.75. If there is a downside break, the price might decline toward $76.70. Any more losses may perhaps open the doors for a move toward the $75.00 support zone.
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