Market Analysis: Gold Price and Crude Oil Price Eye More Upsides
Gold price started a decent increase above the $2,028 resistance level. Crude oil prices are gaining bullish momentum and might rise toward $80.00.
Important Takeaways for Gold and Oil Prices Analysis Today
· Gold price started a decent increase from the $2,015 zone against the US Dollar.
· A key contracting triangle is forming with support near $2,028 on the hourly chart of gold at FXOpen.
· Crude oil prices rallied above the $76.55 and $77.00 resistance levels.
· There is a key bullish trend line forming with support at $77.80 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 $2,015 zone. The price formed a base and started a fresh increase above the $2,020 level.
There was a decent move above the 50-hour simple moving average and $2,028. The bulls pushed the price above the $2,035 resistance zone. Finally, the bears appeared near $2,040, A high was formed near $2,039.44 and the price is now consolidating gains.
The recent low was formed at $2,028 and the price is now consolidating near the 23.6% Fib retracement level of the downward move from the $2,039 swing high to the $2,028 low.
The RSI is still stable near 40 and the price could aim for more gains. Immediate resistance is near the $2,035 level. It is close to the 61.8% Fib retracement level of the downward move from the $2,039 swing high to the $2,028 low.
The next major resistance is near the $2,040 level. An upside break above the $2,040 resistance could send Gold price toward $2,050. Any more gains may perhaps set the pace for an increase toward the $2,065 level.
Initial support on the downside is near the $2,028 zone. There is also a key contracting triangle forming with support near $2,028. If there is a downside break below the $2,028 support, the price might decline further. In the stated case, the price might drop toward the $2,015 support.
Oil Price Technical Analysis
On the hourly chart of WTI Crude Oil at FXOpen, the price started a major rally against the US Dollar. The price gained bullish momentum after it broke the $77.00 resistance.
There was a sustained upward move above the $77.80 and $78.00 resistance levels. The bulls pushed the price toward $79.00. The current price action is positive above the 50-hour simple moving average and RSI is stable above 50.
Recently, there was a minor decline from the $78.38 high. The price tested the $76.00 support. There was a move below the 23.6% Fib retracement level of the upward move from the $76.96 swing low to the $78.68 high.
If the price climbs higher again, it could face resistance near $78.70. The next major resistance is near the $79.00 level. Any more gains might send the price toward the $80.00 level.
Conversely, the price might correct gains below the $78.20 zone. The next major support on the WTI crude oil chart is near the $77.80 zone and the 50% Fib retracement level of the upward move from the $76.96 swing low to the $78.68 high. There is also a key bullish trend line forming with support at $77.80.
If there is a downside break, the price might decline toward $77.00. Any more losses may perhaps open the doors for a move toward the $75.90 support zone.
Read more: https://fxopen.com/blog/en/aj-market-analysis-gold-price-and-crude-oil-price-eye-more-upsides/
Text source: Forex Trading Blog
