Gold price started a fresh increase above the $3,210 resistance level. WTI Crude oil prices are gaining bullish momentum and might even test $63.50.
Important Takeaways for Gold and WTI Crude Oil Prices Analysis Today
- Gold price started a steady increase from the $3,120 zone against the US Dollar.
- A connecting bullish trend line is forming with support at $3,210 on the hourly chart of gold at FXOpen.
- WTI Crude climbed above the $60.90 and $61.50 resistance levels.
- There is a key rising channel forming with support at $61.30 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 $3,120 zone. The price formed a base and started a fresh increase above the $3,150 level.
The bulls cleared the $3,200 zone and the 50-hour simple moving average. There was also a spike above the 50% Fib retracement level of the downward move from the $3,347 swing high to the $3,120 low. The RSI is now above 50 and the price could aim for more gains.
Immediate resistance is near the 61.8% Fib retracement level of the downward move from the $3,347 swing high to the $3,120 low at $3,260.
The next major resistance is near the $3,295 level. An upside break above the $3,295 resistance could send Gold price toward $3,350. Any more gains may perhaps set the pace for an increase toward the $3,385 level.
Initial support on the downside is near the $3,210 zone. There is also a connecting bullish trend line forming with support at $3,210. If there is a downside break below the $3,210 support, the price might decline further.
In the stated case, the price might drop toward the $3,155 support. The next major support sits at $3,120. Any more losses might send the price toward the $3,060 level.
WTI Crude Oil Price Technical Analysis
On the hourly chart of WTI Crude Oil at FXOpen, the price started a fresh upward move from $60.10 against the US Dollar. The price gained bullish momentum after it broke the $60.90 resistance.
The bulls pushed the price above the 50% Fib retracement level of the downward move from the $63.45 swing high to the $60.08 low. The price even climbed above the 50-hour simple moving average.
It tested the $62.15 resistance zone and the 61.8% Fib retracement level of the downward move from the $63.45 swing high to the $60.08 low. There is now a key rising channel forming with support at $61.30.
The RSI is now near the 50 level and the price could aim for more gains. If the price climbs higher again, it could face resistance near $62.15. The next major resistance is near the $62.65 level. Any more gains might send the price toward the $63.45 level or even $65.00.
Conversely, the price might correct gains and test the $61.30 support level. The next major support on the WTI crude oil chart is near the $60.90 zone, below which the price could test the $60.10 zone.
If there is a downside break, the price might decline toward $58.50. Any more losses may perhaps open the doors for a move toward the $55.50 support zone.
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