Gold price is trading nicely and is currently positioned above the $1,500 level. Crude oil price is also climbing higher and it could continue to rise towards $58.00.
Important Takeaways for Gold and Oil
- Gold price traded higher recently and recently broke the $1,500 resistance area against the US Dollar.
- There is a key bullish trend line forming with support near $1,494 on the hourly chart of gold.
- Crude oil price broke the $55.00 resistance area and it recently climbed towards $1,505.
- There is a major ascending channel forming with support near $55.80 on the hourly chart of XTI/USD.
Gold Price Technical Analysis
Recently, gold price started a strong rise and climbed above the key $1,485 resistance against the US Dollar. It opened the doors for more gains and the price even broke the $1,485 and $1,492 resistance levels.
The recent upward move was such that the price settled above the $1,495 level and the 50 hourly simple moving average. Finally, the price broke the $1,500 resistance and traded as high as $1,504 on FXOpen.
At the moment, the price is consolidating gains above the $1,500 level. An immediate support is near $1,500 and the 23.6% Fib retracement level of the recent wave from the $1,487 low to $1,504 high.
If there are more downsides, the next major support for the bulls is near the $1,495 area. Besides, the 50% Fib retracement level of the recent wave from the $1,487 low to $1,504 high is also near the $1,495 area.
More importantly, there is a key bullish trend line forming with support near $1,494 on the hourly chart of gold. If there are more downsides, the price could move back into a bearish zone towards the $1,485 support area.
On the upside, an immediate resistance is near the $1,505 area. If there is a clear break above $1,505, the price could rally towards the $1,510 and $1,515 resistance levels in the near term.
Oil Price Technical Analysis
In the past few days, crude oil price followed a bullish path and climbed above the $54.50 and $55.00 resistance levels against the US Dollar. The price even broke the $56.00 resistance area to move into a positive zone.
It is now trading well above the $55.50 pivot level and the 50 hourly simple moving average. The recent wave was such that the price traded towards the $56.50 level and formed a high near $56.49.
It is currently correcting lower and is trading below the $56.20 level. Moreover, there was a break below the 50% Fib retracement level of the recent wave from the $55.40 low to $56.49 high.
On the downside, the price is testing the $55.80 support area, plus the 61.8% Fib retracement level of the recent wave from the $55.40 low to $56.49 high. There is also a major ascending channel forming with support near $55.80 on the hourly chart of XTI/USD.
If there is a downside break below the channel support and $55.80, the price could decline towards the $55.40 support area. The 50 hourly SMA is also positioned near the $55.40 level to provide support.
On the upside, the $56.50 level is an immediate resistance. A successful break above $56.50 could push crude oil price higher towards the $57.00 and $58.00 resistance levels.
