Gold Price and Crude Oil Price Eye More Upsides

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Gold price is trading in a positive zone above the $1,750 support. Crude oil price is gaining pace and it could rise further above $80.00.

Important Takeaways for Gold and Oil

· Gold price started a decent increase above the $1,750 resistance against the US Dollar.

· There is a key bullish trend line forming with support near $1,755 on the hourly chart of gold.

· Crude oil price started a fresh rally from the $72.00 support zone.

· There was a break above a short-term bearish trend line at $76.80 on the hourly chart of XTI/USD.

Gold Price Technical Analysis

Gold price started a fresh increase above the $1,740 pivot level against the US Dollar. The price gained pace and it was able to settle above the $1,750 resistance zone.

A high was formed near $1,770 on FXOpen and the price corrected lower. There was a break below the $1,755 level, but the bulls remained active near $1,750. A low is formed near $1,745 and the price is now rising.

Gold Price Hourly Chart

The price is back above the $1,750 level and the 50 hourly simple moving average. It also surpassed the 50% Fib retracement level of the recent decline from the $1,770 swing high to $1,745 low.

An immediate resistance on the upside is near the $1,760 level. It is near the 61.8% Fib retracement level of the recent decline from the $1,770 swing high to $1,745 low. The first major resistance is near the $1,762 level.

The main resistance is near the $1,770 level. A close above the $1,770 level could open the doors for a steady increase towards $1,800. The next major resistance sits near the $1,820 level. On the downside, an initial support is near the $1,755 level.

There is also a key bullish trend line forming with support near $1,755 on the hourly chart of gold. The first major support is near the $1,750 level. A downside break below the $1,750 support zone may possibly spark a steady decline. In the stated case, the price could test the $1,730 support.

Oil Price Technical Analysis

Crude oil price started a major increase from the $72.00 support zone against the US Dollar. The price broke the $75.00 resistance zone to move into a positive zone.

The price even cleared the $78.00 level and settled above the 50 hourly simple moving average. A high was formed near $79.48 before the price corrected lower. It corrected a few points below the $78.00 level.

Oil Price Hourly Chart

However, the price remained stable above the $75.00 level. The price is now rising and trading above $76.00. There was a break above the 50% Fib retracement level of the downward move from the $79.48 swing high to $74.74 low.

There was also a break above a short-term bearish trend line at $76.80 on the hourly chart of XTI/USD. The price is now trading above the $78.00 level and the 50 hourly SMA.

On the upside, the price is facing resistance near the $79.20 level. The next key resistance is near the $79.50 level, above which the price might accelerate higher towards $82.00.

On the downside, an initial support is near the $78.20 level. The first key support is near the $77.70 level and the 50 hourly SMA. If there is a downside break below the $77.70 level and the 50 hourly SMA, the price could extend its decline towards the $75.00 level in the coming sessions.

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

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