Gold price rallied to a new all-time high above $3,670. Crude oil is showing bearish signs and might decline below $62.25.
Important Takeaways for Gold and WTI Crude Oil Price Analysis Today
- Gold price started a major increase from $3,500 against the US Dollar.
- A key bullish trend line is forming with support at $3,635 on the hourly chart of gold at FXOpen.
- Crude oil price failed to clear the $65.60 region and started a fresh decline.
- There is a short-term bullish trend line forming with support at $62.25 on the hourly chart of XTI/USD at FXOpen.
Gold Price Technical Analysis
On the hourly chart of Gold at FXOpen, the price formed a base above $3,500. The price remained in a bullish zone and started a strong increase above $3,550.
There was a decent move above the 50-hour simple moving average and $3,620. The bulls pushed the price above the $3,640 and $3,650 resistance levels. Finally, the price climbed to a new all-time high at $3,674 before there was a pullback.
The price dipped below the 23.6% Fib retracement level of the upward move from the $3,511 swing low to the $3,674 high, and the RSI declined below 50. Initial support on the downside is near $3,635 and the 50-hour simple moving average.
There is also a key bullish trend line forming with support at $3,635. The first major support is near the 50% Fib retracement at $3,592. If there is a downside break below $3,592, the price might decline further. In the stated case, the price might drop toward $3,575. Any more losses might push the price toward $3,510.
Immediate resistance is near $3,655. The next major hurdle for the bulls is $3,675. An upside break above $3,675 could send Gold price toward $3,688. Any more gains may perhaps set the pace for an increase toward $3,700.
WTI Crude Oil Price Technical Analysis
On the hourly chart of WTI Crude Oil at FXOpen, the price struggled to clear $65.60 against the US Dollar. The price started a fresh decline below $64.60.
The bears gained strength and pushed the price below $62.00. Finally, the price tested $61.20 and recently started a recovery wave. There was a move above $62.00, the 50-hour simple moving average, and the 23.6% Fib retracement level of the downward move from the $65.63 swing high to the $61.23 low.
The bears are now active near $63.00. If there is a fresh increase, the price could face a barrier near $63.05. The first major resistance is near the 50% Fib retracement at $63.40. The next stop for the bulls could be near $64.60. Any more gains might send the price toward $65.60.
Conversely, the price might start another decline and test a short-term bullish trend line with support at $62.25 and the 50-hour simple moving average.
The next major support on the WTI crude oil chart is $61.20. If there is a downside break, the price might decline toward $60.50. Any more losses may perhaps open the doors for a move toward $60.00.
Start trading commodity CFDs with tight spreads. Open your trading account now or learn more about trading commodity CFDs 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.