Market Analysis: Gold and WTI Crude Oil Prices Target Additional Gains
Gold price started a fresh increase above the $2,618 resistance level. WTI Crude oil prices are gaining bullish momentum and might even test $78.00.
Important Takeaways for Gold and WTI Crude Oil Prices Analysis Today
· Gold price started a steady increase from the $2,600 zone against the US Dollar.
· It cleared a key bearish trend line with resistance at $2,630 on the hourly chart of gold at FXOpen.
· WTI Crude oil prices extended gains above the $72.40 and $73.50 resistance levels.
· There was a move above a connecting bearish trend line with resistance at $72.75 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 $2,600 zone. The price formed a base and started a fresh increase above the $2,618 level.
The bulls cleared a key bearish trend line with resistance at $2,630 and the 50-hour simple moving average. There was a clear move above the 50% Fib retracement level of the downward move from the $2,670 swing high to the $2,602 low.
The RSI is now well above 60 and the price could aim for more gains. Immediate resistance is near the 76.4% Fib retracement level of the downward move from the $2,670 swing high to the $2,602 low at $2,655.
The next major resistance is near the $2,670 level. An upside break above the $2,670 resistance could send Gold price toward $2,690. Any more gains may perhaps set the pace for an increase toward the $2,700 level.
Initial support on the downside is near the $2,630 zone. If there is a downside break below the $2,630 support, the price might decline further.
In the stated case, the price might drop toward the $2,618 support. The next major support sits at $2,605. Any more losses might send the price toward the $2,585 level.
WTI Crude Oil Price Technical Analysis
On the hourly chart of WTI Crude Oil at FXOpen, the price started a fresh upward move from $71.15 against the US Dollar. The price gained bullish momentum after it broke the $72.40 resistance.
The bulls pushed the price above the 50% Fib retracement level of the downward move from the $77.89 swing high to the $71.16 low. Besides, there was a move above a connecting bearish trend line with resistance at $72.75.
The price even climbed above the 50-hour simple moving average. It tested the $75.30 resistance zone and the 61.8% Fib retracement level of the downward move from the $77.89 swing high to the $71.16 low.
The RSI is now near the 60 level and the price could aim for more gains. If the price climbs higher again, it could face resistance near $76.30. The next major resistance is near the $77.90 level. Any more gains might send the price toward the $79.50 level or even $80.00.
Conversely, the price might correct gains and test the $73.50 level. The next major support on the WTI crude oil chart is near the $72.40 zone, below which the price could test the $71.15 zone.
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.
Read more: https://fxopen.com/blog/en/aj-market-analysis-gold-and-wti-crude-oil-prices-target-additional-gains/
Text source: Forex Trading Blog
