Gold Price And Crude Oil Price Eyeing More Upsides

Gold Price And Crude Oil Price Eyeing More Upsides

Gold price started a steady rise above the $1,700 and $1,710 levels. Similarly, crude oil price is showing positive signs and it could continue to rise above $28.00.

Important Takeaways for Gold and Oil

  • Gold price gained traction and climbed above the $1,722 resistance against the US Dollar.
  • There are two key bullish trend lines forming with support near $1,725 and $1,706 on the hourly chart of gold.
  • Crude oil price is rising steadily and it could soon test the $30.00 resistance.
  • There is a crucial bullish trend line forming with support near $26.00 on the hourly chart of XTI/USD.

Gold Price Technical Analysis

Gold price remained well bid above the $1,680 level and climbed above $1,700 against the US Dollar. There was a clear break above the $1,718 and $1,722 resistance levels to start a decent increase.

The price even settled above the $1,722 level and the 50 hourly simple moving average. It traded to a new weekly high at $1,736 on FXOpen and the price is currently consolidating gains.

Gold Price Technical Analysis

It tested the 23.6% Fib retracement level of the recent rise from the $1,711 low to $1,736 high. On the downside, there are many supports forming near the $1,727 and $1,725 levels.

Moreover, there are two key bullish trend lines forming with support near $1,725 and $1,706 on the hourly chart of gold. The first trend line is close to the 50% Fib retracement level of the recent rise from the $1,711 low to $1,736 high.

If gold price fails to stay above the $1,725 support, it could decline towards the 50 hourly simple moving average or the second trend line at $1,706.

On the upside, an initial resistance is near the $1,735 level. A successful break above the recent high might open the doors for a move towards the $1,750 level in the near term.

Oil Price Technical Analysis

Crude oil price consolidated above the $25.00 support for a few sessions before extending its rise against the US Dollar. The price gained traction and broke the $26.50 and $26.75 resistance levels.

Besides, there was a close above the $27.50 resistance area and the 50 hourly simple moving average. It even climbed above the $28.00 level and traded as high as $28.22.

Oil Price Technical Analysis

It is currently consolidating gains and recently tested the 23.6% Fib retracement level of the upward move from the $25.18 low to $28.22 high. On the downside, the first key support is seen near the $27.40 level.

The next major support is near the $26.75 level (the previous breakout zone). It is close to the 50% Fib retracement level of the upward move from the $25.18 low to $28.22 high.

More importantly, there is a crucial bullish trend line forming with support near $26.00 on the hourly chart of XTI/USD. An intermediate support is near the $26.35 level and the 50 hourly SMA.

Therefore, dips are likely to remain well supported near $26.75 and $26.35. To move into a bearish zone, the price must move below the $26.00 support. Conversely, oil price might continue to rise above $28.00 and $28.500.

The next major resistance on the upside is near the $30.00 level, above which it could test $31.20.

Gold Price And Crude Oil Price Eyeing More Upsides
Aayush Jindal

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.

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