Gold price could restart a steady increase above the $1,990 resistance. Crude oil price is rising and it could climb further higher toward $85.
Important Takeaways for Gold and Oil Prices Analysis Today
- Gold price corrected lower from $2,080 and tested $1,900 against the US Dollar.
- A key bullish trend line is forming with support at $1,940 on the daily chart of gold at FXOpen.
- Crude oil prices are moving higher above the $76.75 resistance zone.
- There was a break above a key contracting triangle with resistance near $71.00 on the daily chart of XTI/USD at FXOpen.
Gold Price Technical Analysis
On the daily chart of Gold at FXOpen, the price started a downside correction from the $2,080 zone. The price traded below the $2,050 and $1,990 levels.
Finally, the bulls appeared near the $1,900 level. A low was formed near $1,900 and the price is now attempting a fresh increase. There was a move above the 23.6% Fib retracement level of the downward move from the $2,080 swing high to the $1,900 low.
The price is now trading above the 50-day simple moving average. There is also a key bullish trend line forming with support at $1,940.
Immediate resistance is near the 50% Fib retracement level of the downward move from the $2,080 swing high to the $1,900 low at $1,990. The next major resistance is near $2,000. An upside break above $2,000 could send Gold price toward $2,050. Any more gains may perhaps set the pace for an increase toward the $2,080 level.
Initial support on the downside is near the $1,940 level. The first major support is near $1,900. If there is a downside break below $1,900, the price might decline further. In the stated case, XAU/USD might drop toward $1,805.
Oil Price Technical Analysis
On the daily chart of WTI Crude Oil at FXOpen, the price started a decent increase against the US Dollar. The price gained bullish momentum after it broke the $71.00 resistance.
Besides, there was a break above a key contracting triangle with resistance near $71.00. The price climbed above the $75.00 pivot level as mentioned in the previous analysis. Finally, the bulls pushed the price above the 61.8% Fib retracement level of the downward move from the $84.53 swing high to the $63.90 low.
The price is now trading above the 50-day simple moving average, and the 76.4% Fib retracement level of the downward move from the $84.53 swing high to the $63.90 low.
It seems like the bulls are aiming for a test of $83.70. If the price climbs further higher, it could face resistance near $85.00. Any more gains might send the price toward the $88.00 level.
Conversely, the price might correct gains and test the $76.75 support. The first major support is near the 50-hour simple moving average or $73.80. The next major support on the WTI crude oil chart is near $71.00.
If there is a downside break, the price might decline toward $67.15. Any more losses may perhaps open the doors for a move toward the $65.00 support zone.
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