Gold Price and Crude Oil Price Could Gain Bullish Momentum

Gold price started a recovery wave from the $1,615 level. Crude oil price could gain bullish momentum if it clears the $82.50 resistance zone.

Important Takeaways for Gold and Oil

· Gold price found support near $1,615 and started a recovery wave against the US Dollar.

· There was a break above a key bearish trend line with resistance near $1,658 on the hourly chart of gold.

· Crude oil price also started a recovery wave from the $76.00 zone.

· There is a major bearish trend line forming with resistance near $81.75 on the hourly chart of XTI/USD.

Gold Price Technical Analysis

Gold price declined heavily below the $1,700 level against the US Dollar. The price gained bearish momentum and declined below the $1,680 level.

There was a clear move below the $1,650 support zone and the 50 hourly simple moving average. The price traded as low as $1,615 and recently there was a recovery wave. The price was able to clear the $1,625 resistance zone.

There was a move above the 50% Fib retracement level of the downward move from the $1,687 swing high to $1,615 low. There was also a break above a key bearish trend line with resistance near $1,658 on the hourly chart of gold.

The price of XAU/USD is now trading above the 61.8% Fib retracement level of the downward move from the $1,687 swing high to $1,615 low.

On the upside, the price is facing resistance near the $1,670 level. The first major resistance is near the $1,680 level. The main resistance is now forming near the $1,688 level, above which it could even test $1,700.

A clear upside break above the $1,700 resistance could send the price towards $1,720. An immediate support on the downside is near the $1,655 level. The next major support is near the $1,650 level, below which there is a risk of a larger decline. In the stated case, the price could decline sharply towards the $1,620 support zone.

Oil Price Technical Analysis

Crude oil price started a fresh decline from the $86.50 resistance zone against the US Dollar. The price traded below the $82.00 support zone to move into a short-term bearish zone.

The price even settled below the $80.00 level and the 50 hourly simple moving average. The price traded as low as $75.97 and recently started an upside correction. There was a clear move above the $80.00 resistance level.

The price climbed above the 50% Fib retracement level of the downward move from the $86.52 swing high to $75.97 low. It is now facing resistance near the $81.80 level.

There is also a major bearish trend line forming with resistance near $81.75 on the hourly chart of XTI/USD. The main resistance sits near the $82.50 level or the 61.8% Fib retracement level of the downward move from the $86.52 swing high to $75.97 low, above which the price might accelerate higher towards $86.50 or even $88.00

On the downside, an immediate support is near the $80.00 level. The next major support is near the $78.00 level. If there is a downside break, the price might decline towards $76.50. Any more losses may perhaps open the doors for a move towards the $75.00 support zone.

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