Gold price started a fresh surge above $4,000 and traded to a new all-time high. Crude oil is recovering and might rise toward the $63.20 resistance zone.
Important Takeaways for Gold and WTI Crude Oil Prices Analysis Today
- Gold price rallied to a new all-time high and traded above $4,000 against the US Dollar.
- A key bullish trend line is forming with support at $4,000 on the hourly chart of gold at FXOpen.
- WTI Crude oil is recovering losses and trading above $61.20.
- There is a short-term rising channel in place with support at $61.20 on the hourly chart of XTI/USD at FXOpen.
Gold Price Technical Analysis
On the hourly chart of Gold at FXOpen, the price formed support near $3,820. The price remained in a bullish zone and started a fresh increase above $3,900, as mentioned in the previous analysis.
The bulls pushed the price above $4,000 level and the 50-hour simple moving average. Finally, it traded to a new all-time high at $4,026. The price is still showing bullish signs above $4,020 and the RSI is above 70.
Initial support on the downside is near a key bullish trend line at $4,000. A downside break below the trend line might send the price to the 23.6% Fib retracement level of the upward move from the $3,822 swing low to the $4,026 high at $3,925.
If the bulls fail to protect $3,925, the price could start a larger downside correction. In the stated case, Gold could drop toward the 50% Fib retracement at $3,920. The next area of interest for the bulls might be $3,895. A daily close below $3,895 could spark bearish moves and send the price to $3,820.
If there is a fresh increase, the price could face resistance at $4,025. The next sell zone might be $4,050. An upside break above the $4,050 resistance could send Gold price toward $4,120. Any more gains may perhaps set the pace for an increase to $4,200.
WTI Crude Oil Price Technical Analysis
On the hourly chart of WTI Crude Oil at FXOpen, the price found support near $60.25 against the US Dollar. The price formed a base and started a recovery wave above $60.80 and the 50-hour simple moving average.
The bulls were able to push the price above the 23.6% Fib retracement level of the downward move from the $66.16 swing high to the $60.26 swing low. The hourly RSI is above the 60 level, but the price is struggling near $62.00.
The next hurdle could be $63.20 and the 50% Fib retracement. A clear move above $63.20 could send the price toward $63.90. Any more gains might open the doors for a test of $64.75.
Conversely, the price might start a fresh decline from $62.00. Immediate support sits near $61.20 and the 50-hour simple moving average. There is also a short-term rising channel in place at $61.20. The key breakdown zone on the WTI crude oil chart might be $60.25.
If there is a downside break, the price might decline toward $58.40. Any more losses might encourage the bears for a push toward $55.00.
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