Gold price started a fresh decline below $3,380. WTI Crude oil is also down and remains at risk of more losses below $62.00.
Important Takeaways for Gold and WTI Crude Oil Price Analysis Today
- Gold price climbed higher toward the $3,410 zone before there was a sharp decline against the US Dollar.
- A key bearish trend line is forming with resistance near $3,355 on the hourly chart of gold at FXOpen.
- WTI Crude oil prices extended losses below the $65.00 support zone.
- A major bearish trend line is formed with resistance at $63.05 on the hourly chart of XTI/USD at FXOpen.
Gold Price Technical Analysis
On the hourly chart of Gold at FXOpen, the price climbed above the $3,380 resistance. The price even spiked above $3,400 before the bears appeared.
A high was formed near $3,409 before there was a fresh decline. There was a move below the $3,380 pivot level. The bears even pushed the price below the $3,350 support and the 50-hour simple moving average.
It tested the $3,330 zone. A low has formed near $3,331 and the price is now consolidating losses near the 23.6% Fib retracement level of the downward move from the $3,409 swing high to the $3,331 low.
Immediate resistance on the upside is near a bearish trend line at $3,355 and the 50-hour simple moving average. The next major hurdle is near the 50% Fib retracement level.
The main barrier for the bulls could be near the $3,380 level, above which the price could test the $3,400 zone. Any more gains might call for a move toward $3,410. An upside break above $3,410 could send Gold price toward $3,425.
Initial support on the downside is near $3,330. The next key level is $3,320. If there is a downside break below $3,320, the price might decline further. In the stated case, the price might drop toward the $3,300 zone.
WTI Crude Oil Price Technical Analysis
On the hourly chart of WTI Crude Oil at FXOpen, the price struggled to continue higher above $66.00 against the US Dollar. The price formed a short-term top and started a fresh decline below $65.00.
There was a steady decline below the $64.50 pivot level. The bears even pushed the price below $63.50 and the 50-hour simple moving average. Finally, the price tested the $62.15 zone, and the price is now consolidating losses.
On the upside, immediate resistance is near the 23.6% Fib retracement level of the downward move from the $65.98 swing high to the $62.15 low at $63.05. There is also a major bearish trend line at $63.05 and the 50-hour simple moving average.
The main hurdle is $63.50. A clear move above the $63.50 zone could send the price toward the 61.8% Fib retracement level at $64.50.
The next key resistance is near $66.00. If the price climbs further higher, it could face sellers near $68.00. Any more gains might send the price toward the $70.00 level.
Immediate support is near the $62.15 level. The next major level on the WTI crude oil chart is near $61.20. If there is a downside break, the price might decline toward $60.00. Any more losses may perhaps open the doors for a move toward the $55.00 zone.
Trade over 50 forex markets 24 hours a day with FXOpen. Take advantage of low commissions, deep liquidity, and spreads from 0.0 pips. Open your FXOpen account now or learn more about trading forex with FXOpen.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
