Market Analysis: Gold and Oil Prices Aim For Further Gains
Gold price started a fresh increase above the $2,432 resistance level. Crude oil prices are gaining bullish momentum and might even test $80.00.
Important Takeaways for Gold and Oil Prices Analysis Today
· Gold price started a steady increase from the $2,400 zone against the US Dollar.
· A connecting bearish trend line is forming with resistance at $2,460 on the hourly chart of gold at FXOpen.
· Crude oil prices extended gains above the $75.70 and $76.40 resistance levels.
· There is a connecting bearish trend line forming with resistance at $77.10 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 $2,432 zone. The price formed a base and started a fresh increase above the $2,440 level.
There was a decent move above the 50-hour simple moving average and $2,450. The bulls pushed the price above the 50% Fib retracement level of the downward move from the $2,480 swing high to the $2,432 low.
The RSI is now near 50 and the price could aim for more gains. Immediate resistance is near the $2,460 level. There is also a connecting bearish trend line forming with resistance at $2,460.
The trend line is close to the 61.8% Fib retracement level of the downward move from the $2,480 swing high to the $2,432 low. The next major resistance is near the $2,480 level. An upside break above the $2,480 resistance could send Gold price toward $2,488.
Any more gains may perhaps set the pace for an increase toward the $2,500 level. Initial support on the downside is near the $2,432 zone. If there is a downside break below the $2,432 support, the price might decline further.
In the stated case, the price might drop toward the $2,415 support. The next major support sits at $2,400. Any more losses might send the price toward the $2,365 level.
Read analytical Gold price forecasts for 2024 and beyond.
Oil Price Technical Analysis
On the hourly chart of WTI Crude Oil at FXOpen, the price started a fresh upward move from $75.70 against the US Dollar. The price gained bullish momentum after it broke the $76.40 resistance.
The bulls pushed the price above the 23.6% Fib retracement level of the downward move from the $78.58 swing high to the $75.69 low. The price even climbed above the 50-hour simple moving average.
It tested the $77.10 resistance zone and a connecting bearish trend line. The trend line is close to the 50% Fib retracement level of the downward move from the $78.58 swing high to the $75.69 low. The RSI is now near the 50 level and the price could aim for more gains.
If the price climbs higher again, it could face resistance near $77.10. The next major resistance is near the $77.60 level. Any more gains might send the price toward the $78.55 level or even $80.00.
Conversely, the price might correct gains and test the $76.40 level. The next major support on the WTI crude oil chart is near the $75.70 zone, below which the price could test the $74.90 zone.
If there is a downside break, the price might decline toward $74.20. Any more losses may perhaps open the doors for a move toward the $73.50 support zone.
Read more: https://fxopen.com/blog/en/aj-market-analysis-gold-and-oil-prices-aim-for-further-gains/
Text source: Forex Trading Blog
