Gold Price and Crude Oil Price Aim More Upsides, Bulls In Control

Gold price climbed higher and traded above the $1,780 resistance. Crude oil price is also rising and might climb further higher above $82.50.

Important Takeaways for Gold and Oil

· Gold price found support near the $1,720 level and started a fresh increase against the US Dollar.

· There is a key bullish trend line forming with support near $1,792 on the hourly chart of gold.

· Crude oil price gained bullish momentum above the $80.00 resistance zone.

· There is a major bullish trend line forming with support near $81.00 on the hourly chart of XTI/USD.

Gold Price Technical Analysis

Gold price formed a base above the $1,720 level against the US Dollar. The price started a fresh increase and was able to clear the $1,750 and $1,765 resistance levels.

There was a clear move above the $1,780 resistance and the 50 hourly simple moving average. The price even broke the $1,800 level and traded as high as $1,804 on FXOpen. Recently, there was a downside correction below the $1,800 level.

An immediate support on the downside is near the $1,792 level. There is also a key bullish trend line forming with support near $1,792 on the hourly chart of gold.

The trend line is close to the 23.6% Fib retracement level of the upward move from the $1,745 swing low to $1,804 high. The next major support is near the $1,775 level or the 50 hourly simple moving average.

The 50% Fib retracement level of the upward move from the $1,745 swing low to $1,804 high is also near $1,775, below which there is a risk of a larger decline.

In the stated case, the price could decline sharply towards the $1,750 support zone. On the upside, the first major resistance is near the $1,800 level.

The main resistance is now forming near the $1,805 level, above which it could even test $1,820. A clear upside break above the $1,820 resistance could send the price towards $1,840.

Oil Price Technical Analysis

Crude oil price also started a fresh increase from the $73.63 support zone against the US Dollar. The price was able to clear the $75.00 and $78.00 resistance levels.

The price even gained pace above the $80.00 level and the 50 hourly simple moving average. Finally, the bears appeared near the $83.30 level. A high was formed near $83.30 and the price is now correcting gains.

On the downside, an immediate support is near the $81.00 level. There is also a major bullish trend line forming with support near $81.00 on the hourly chart of XTI/USD. The trend line is near the 23.6% Fib retracement level of the upward move from the $73.93 swing low to $83.30 high.

The next major support is near the $80.40 level. If there is a downside break, the price might decline towards $78.50 or the 50% Fib retracement level of the upward move from the $73.93 swing low to $83.30 high.

Any more losses may perhaps open the doors for a move towards the $75.00 support zone. On the upside, the price might face resistance near $82.00.

The first major resistance is near the $82.80 level. The main resistance sits near the $83.30 level, above which the price might accelerate higher towards $85.00 or even $86.00.

This forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as financial advice.

Trade over 50 forex markets 24 hours a day with FXOpen. Take advantage of low commissions, deep liquidity, and spreads from 0.0 pips (additional fees may apply). Open your FXOpen account now or learn more about trading forex 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.