HomeContributorsTechnical AnalysisGold Rallies To New ATH, WTI Crude Oil Eyes Recovery

Gold Rallies To New ATH, WTI Crude Oil Eyes Recovery

Gold price started a fresh surge above $2,720. Crude oil is recovering and might rise toward the $73.85 resistance zone.

Important Takeaways for Gold and Oil Prices Analysis Today

  • Gold price started a strong increase from the $2,645 zone against the US Dollar.
  • A major bullish trend line is forming with support at $2,735 on the hourly chart of gold at FXOpen.
  • Crude oil is recovering losses and trading above the $70.50 support.
  • There was a break above a connecting bearish trend line with resistance near $70.00 on the hourly chart of XTI/USD at FXOpen.

Gold Price Technical Analysis

On the hourly chart of Gold at FXOpen, the price formed support near the $2,645 zone. The price remained in a bullish zone and started a fresh increase above $2,680.

The bulls even pushed the price above the $2,720 level and the 50-hour simple moving average. Finally, it traded to a new all-time high at $2,748. The price is now consolidating gains near the $2,745 zone and the RSI is above 50.

Initial support on the downside is near a major bullish trend line at $2,735 and the 50-hour simple moving average. The next support sits near the 23.6% Fib retracement level of the upward move from the $2,645 swing low to the $2,748 high at $2,725.

The first major support is near the $2,700 zone or the 50% Fib retracement level of the upward move from the $2,645 swing low to the $2,748 high.

If there is a downside break below the $2,700 support, the price might decline further. In the stated case, the price might drop toward the $2,670 support. Immediate resistance is near the $2,748 level. The next major resistance is near the $2,750 level.

An upside break above the $2,750 resistance could send Gold price toward $2,765. Any more gains may perhaps set the pace for an increase toward the $2,780 level.

WTI Crude Oil Price Technical Analysis

On the hourly chart of WTI Crude Oil at FXOpen, the price found support near the $68.15 zone against the US Dollar. The price formed a base and started a recovery wave above $70.00 and the 50-hour simple moving average.

The bulls were able to push the price toward the 50% Fib retracement level of the downward move from the $75.61 swing high to the $68.13 swing low. Besides, there was a break above a connecting bearish trend line with resistance near $70.00.

The hourly RSI is near the 70 level, but the price is struggling near $71.85. The next resistance is near the 61.8% Fib retracement level of the downward move from the $75.61 swing high to the $68.13 swing low at $72.75.

A clear move above the $72.75 could send the price toward the $73.85 resistance. Any more gains might send the price toward the $75.60 level. Conversely, the price might start a fresh decline from the $71.85 resistance.

Immediate support sits near the $70.50 level. The next major support on the WTI crude oil chart is $68.15. If there is a downside break, the price might decline toward $66.00. Any more losses may perhaps open the doors for a move toward the $65.00 support zone.

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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.

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