Market Analysis: Gold Prices Break Record But WTI Crude Oil Struggle

Gold price rallied further and traded to a new all-time high. Crude oil is showing bearish signs and might decline below $70.00.

Important Takeaways for Gold and WTI Crude Oil Prices Analysis Today

· Gold price started a steady increase above the $2,880 zone against the US Dollar.

· A major bullish trend line is forming with support at $2,885 on the hourly chart of gold at FXOpen.

· WTI Crude oil prices failed to clear the $73.50 region and started a fresh decline.

· There is a key bearish trend line forming with resistance at $71.00 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 $2,855 zone. The price remained in a bullish zone and started a strong increase above $2,900.

There was a decent move above the 50-hour simple moving average and $2,920. The bulls pushed the price above the $2,930 and $2,935 resistance levels. Finally, the price climbed as high as $2,940 before there was a pullback.

The price tested the $2,880 zone and is currently rising. There was a move above the 23.6% Fib retracement level of the downside correction from the $2,940 swing high to the $2,878 low, and the RSI is stable above 45.

Immediate resistance is near the $2,910 level and the 50% Fib retracement level of the downside correction from the $2,940 swing high to the $2,878 low.

The next major resistance is near the $2,915 level. An upside break above the $2,915 resistance could send Gold price toward $2,940. Any more gains may perhaps set the pace for an increase toward the $2,950 level.

Initial support on the downside is near a major bullish trend line at $2,885. The first major support is near the $2,878 zone. If there is a downside break below the $2,878 support, the price might decline further.

In the stated case, the price might drop toward the $2,855 zone. Any more losses might push the price toward the $2,840 level.

WTI Crude Oil Price Technical Analysis

On the hourly chart of WTI Crude Oil at FXOpen, the price struggled to clear the $73.50 resistance zone against the US Dollar. The price started a fresh decline below the $72.20 support.

The price even dipped below the $71.50 level and the 50-hour simple moving average. The bulls are now active near the $70.20 level. A low was formed at $70.12, and the price is now consolidating losses. If there is a fresh increase, it could face resistance near the 50% Fib retracement level of the downward move from the $71.87 swing high to the $70.12 low at $71.00.

There is also a key bearish trend line forming with resistance at $71.00. The first major resistance is near the $71.85 level. Any more gains might send the price toward the $72.20 level.

The main resistance could be near the $73.35 level. Conversely, the price might continue to move down and revisit the $70.00 support. The next major support on the WTI crude oil chart is $68.80.

If there is a downside break, the price might decline toward $66.50. Any more losses may perhaps open the doors for a move toward the $65.00 support zone.

Text source: Forex Trading Blog

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