Gold price rallied further and traded above the $2,750 resistance. Crude oil is showing bearish signs and might decline below $72.20.
Important Takeaways for Gold and Oil Prices Analysis Today
- Gold price started a steady increase from the $2,715 zone against the US Dollar.
- It cleared a connecting bearish trend line with resistance at $2,750 on the hourly chart of gold at FXOpen.
- Crude oil prices failed to clear the $80.00 region and started a fresh decline.
- There is a key bearish trend line forming with resistance at $73.85 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 $2,715 zone. The price remained in a bullish zone and started a strong increase above $2,730.
There was a decent move above the 50-hour simple moving average and $2,750. The bulls pushed the price above the $2,765 and $2,770 resistance levels. Finally, the price climbed as high as $2,785 before there was a pullback.
The price tested the $2,730 zone and is currently rising. There was a move above the 50% Fib retracement level of the downside correction from the $2,785 swing high to the $2,730 low, and the RSI is stable above 60.
Immediate resistance is near the $2,765 level and the 61.8% Fib retracement level of the downside correction from the $2,785 swing high to the $2,730 low.
The next major resistance is near the $2,772 level. An upside break above the $2,772 resistance could send Gold price toward $2,785. Any more gains may perhaps set the pace for an increase toward the $2,800 level.
Initial support on the downside is near $2,750 and the 50-hour simple moving average. The first major support is near the $2,742 zone. If there is a downside break below the $2,742 support, the price might decline further.
In the stated case, the price might drop toward the $2,730 zone. Any more losses might push the price toward the $2,715 level.
Oil Price Technical Analysis
On the hourly chart of WTI Crude Oil at FXOpen, the price struggled to clear the $80.00 resistance zone against the US Dollar. The price started a fresh decline below the $76.35 support.
The price even dipped below the $75.00 level and the 50-hour simple moving average. The bulls are now active near the $72.20 level. A low was formed at $72.16, and the price is now consolidating losses. If there is a fresh increase, it could face resistance near the 23.6% Fib retracement level of the downward move from the $79.44 swing high to the $72.16 low at $73.85.
There is also a key bearish trend line forming with resistance at $73.85. The first major resistance is near the $75.80 level or the 50% Fib retracement level of the downward move from the $79.44 swing high to the $72.16 low.
Any more gains might send the price toward the $76.35 level. Any more gains might call for a test of $79.45. Conversely, the price might continue to move down and revisit the $72.20 support. The next major support on the WTI crude oil chart is $70.00.
If there is a downside break, the price might decline toward $70.00. Any more losses may perhaps open the doors for a move toward the $68.50 support zone.
Start trading commodity CFDs with tight spreads. Open your trading account now or learn more about trading commodity CFDs with FXOpen.
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.
