Market Analysis: Gold Extends Record Run, WTI Crude Oil Rebound in Tandem
Gold price started a fresh surge above the $3,250 resistance level. WTI Crude oil prices climbed higher above $60.00 and might extend gains.
Important Takeaways for Gold and WTI Crude Oil Prices Analysis Today
· Gold price started a fresh surge and traded to a new record high at $3,384 against the US Dollar.
· A key bullish trend line is forming with support at $3,322 on the hourly chart of gold at FXOpen.
· WTI Crude oil prices started a recovery wave above the $60.00 and $61.50 resistance levels.
· There was a break below a connecting bullish trend line with support at $63.00 on the hourly chart of XTI/USD at FXOpen.
Gold Price Technical Analysis
On the hourly chart of Gold at FXOpen, the price formed a base near the $3,200 zone. The price started a steady increase above the $3,250 and $3,280 resistance levels.
There was a decent move above the 50-hour simple moving average and $3,350. The bulls pushed the price above the $3,380 resistance zone. A new record high was formed near $3,384 and the price is now consolidating gains.
On the downside, immediate support is near the $3,362 level and the 23.6% Fib retracement level of the upward move from the $3,283 swing low to the $3,384 high.
The next major support sits at $3,322. There is also a key bullish trend line forming with support at $3,322. It is near the 61.8% Fib retracement level of the upward move from the $3,283 swing low to the $3,384 high.
A downside break below the trend line support might send the price toward the $3,282 support. Any more losses might send the price toward the $3,242 support zone.
Immediate resistance is near the $3,384 level. The next major resistance is near the $3,388 level. An upside break above the $3,388 resistance could send Gold price toward $3,500. Any more gains may perhaps set the pace for an increase toward the $3,520 level.
Oil Price Technical Analysis
On the hourly chart of WTI Crude Oil at FXOpen, the price started a recovery wave from $58.40 against the US Dollar. The price gained bullish momentum after it broke the $60.00 resistance and the 50-hour simple moving average.
The bulls pushed the price above the $61.50 and $62.00 resistance levels. The recent high was formed at $64.20 and the price started a downside correction. There was a minor move below the 23.6% Fib retracement level of the upward move from the $59.87 swing low to the $64.18 high.
There was a break below a connecting bullish trend line with support at $63.00. The RSI is now below the 50 level. Immediate support on the downside is near the $62.0 zone or the 50% Fib retracement level of the upward move from the $59.87 swing low to the $64.18 high.
The next major support on the WTI crude oil chart is near the $61.50 zone, below which the price could test the $59.90 level. If there is a downside break, the price might decline toward $58.40. Any more losses may perhaps open the doors for a move toward the $56.20 support zone.
If the price climbs higher again, it could face resistance near $64.20. The next major resistance is near the $65.00 level. Any more gains might send the price toward the $68.50 level.
Text source: Forex Trading Blog
