Gold price corrected gains, traded below $4,000, and started a consolidation. Crude oil is showing bearish signs and might decline below $58.80.
Gold price corrected gains, traded below $4,000, and started a consolidation. Crude oil is showing bearish signs and might decline below $58.80.
Important Takeaways for Gold and WTI Crude Oil Prices Analysis Today
· Gold price started a downside correction below $4,100 and $4,000 against the US Dollar.
· A key bullish trend line is forming with support at $3,985 on the hourly chart of gold at FXOpen.
· Crude oil prices failed to clear the $61.20 region and started a fresh decline.
· There is a bearish trend line forming with resistance at $60.00 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 $3,915. The price remained in a bullish zone and started an upward move within a range above $3,930.
There was a decent move above the 50-hour simple moving average and $3,975. The bulls pushed the price above the $4,000 and $4,010 resistance levels. A high was formed at $4,019 before the price saw a pullback.
The price dipped below the 23.6% Fib retracement level of the upward move from the $3,928 swing low to the $4,019 high, and the RSI declined below 50. Initial support on the downside is near $3,985, a bullish trend line, and the 50-hour simple moving average.
The first major area of interest for the bulls is near the 50% Fib retracement at $3,975. If there is a downside break below $3,975, the price might decline further. In the stated case, the price might drop toward $3,950. Any more losses might push the price toward $3,930.
Immediate resistance is near $4,020. The next major hurdle for the bulls is $4,030. An upside break above $4,030 could send Gold price toward $4,045. Any more gains may perhaps set the pace for an increase toward $4,090.
WTI Crude Oil Price Technical Analysis
On the hourly chart of WTI Crude Oil at FXOpen, the price struggled to clear $61.20 against the US Dollar. The price started a fresh decline below $60.00.
The bears gained strength and pushed the price below $59.50 and the 50-hour simple moving average. Finally, the price tested $58.80 and recently started a recovery wave. There was a move above $59.40, and the 23.6% Fib retracement level of the downward move from the $61.21 swing high to the $58.80 low.
The bears are now active below $59.80. If there is a fresh increase, the price could face a barrier near $60.00. There is also a bearish trend line forming with resistance at $60.00.
The first major resistance is near the 76.4% Fib retracement at $60.65. The next stop for the bulls could be near $61.20. Any more gains might send the price toward $62.00. Conversely, the price might start another decline and test $59.40.
The next major area of interest for the bulls on the WTI crude oil chart is $58.80. If there is a downside break, the price might decline toward $57.50. Any more losses may perhaps open the doors for a move toward $55.00.
Published by:
Jason