Gold price is trading with a bullish bias above the $1,472 support area. Crude oil price is trading in a strong uptrend and it could continue to rise above the $61.50 resistance.
Important Takeaways for Gold and Oil
- Gold price settled above the $1,470 and $1,472 support levels against the US Dollar.
- There is a major bullish trend line forming with support near $1,475 on the hourly chart of gold.
- Crude oil price is following a significant uptrend above the $60.00 support area.
- There is a crucial bullish trend line forming with support near $60.90 on the hourly chart of XTI/USD.
Gold Price Technical Analysis
In the past few days, gold price remained in a positive zone above the $1,460 support area against the US Dollar. As a result, there was a slow and steady rise above the $1,470 and $1,475 resistance levels.
There was also a close above the $1,472 level and the 50 hourly simple moving average. However, the price struggled to gain momentum above $1,480 and the recent high was near $1,481 on FXOpen.
The price is currently correcting lower below $1,480, plus the 23.6% Fib retracement level of the upward move from the $1,473 low to $1,481 high.
An immediate support is near the $1,477 level. Besides, the 50% Fib retracement level of the upward move from the $1,473 low to $1,481 high is near $1,477.
The main support is near the $1,475 level. There is also a major bullish trend line forming with support near $1,475 on the hourly chart of gold. Therefore, a downside break below $1,475 could push the price towards the $1,470 support area.
On the upside, the main hurdles are seen near the $1,480 and $1,482 levels. If there is an upside break above the $1,482 resistance, the price could climb towards the $1,490 area. Any further gains could lead gold price towards the $1,500 resistance area in the near term.
Oil Price Technical Analysis
In the past few days, there was a strong uptrend established in crude oil price above the $58.50 support area against the US Dollar. The price traded above the $59.50 and $60.00 resistance levels.
Moreover, there was a close above the $60.00 level and the 50 hourly simple moving average. It opened the doors for more gains above $61.00 and $61.20. The recent high was near $61.31 and the price is currently correcting lower.
It broke the 50% Fib retracement level of the recent wave from the $60.62 low to $61.31 high. On the downside, there are many supports near $60.95 $60.60.
More importantly, there is a crucial bullish trend line forming with support near $60.90 on the hourly chart of XTI/USD. If there is a break below the trend line, the price could test the $60.75 support or the 50 hourly simple moving average.
The main support zone is near the $60.50 level, below which crude oil price is likely to accelerate lower below the $60.20 and $60.00 levels in the coming sessions.
Conversely, crude oil price could continue to rise above $61.20 and $61.30. The main hurdle is near the $61.50 level, above which the bulls are likely to aim a test of the $62.00 resistance area.
Aayush has spent over a DECADE as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets. He is a software engineer by profession, loves blogging and observing financial markets.