Gold and WTI Crude Oil Prices Analysis Today

The gold price has started a fresh increase, breaking above the $2,665 resistance level. Meanwhile, WTI crude oil prices have climbed higher, surpassing $77.00, and may extend their gains.

Key Takeaways for Gold and WTI Crude Oil Prices Analysis

• Gold price started a steady increase from the $2,630 zone against the US Dollar.
• It cleared a key bearish trend line with resistance at $2,670 on the hourly chart of gold.
• WTI crude oil prices extended gains above the $74.40 and $76.50 resistance levels.
• A short-term declining channel is forming with support at $76.00 on the hourly chart of WTI crude oil.

Gold Price Technical Analysis

The gold price formed a base near the $2,630 zone on the hourly chart. The price started a steady increase above the $2,650 and $2,665 resistance levels, with a decent move above the 50-hour simple moving average and $2,680. The bulls pushed the price above the $2,690 resistance zone, but the bears appeared near $2,700, forming a high at $2,697 before a downside correction.

A low was formed at $2,656, and the price is again rising, with a move above the 23.6% Fib retracement level of the downside correction from the $2,697 swing high to the $2,656 low. Gold cleared a key bearish trend line with resistance at $2,670, and the RSI is now above 50.

Immediate Resistance and Support Levels for Gold

Immediate resistance is near the $2,678 level or the 50% Fib retracement level of the downside correction from the $2,697 swing high to the $2,656 low. The next major resistance is near the $2,688 level, and an upside break above this resistance could send the gold price toward $2,698. Any more gains may set the pace for an increase toward the $2,720 level.

On the downside, immediate support is near the $2,665 level, followed by the next major support at $2,655. Below this level, the price might test $2,645, and any more losses might send the price toward the $2,630 support zone.

Oil Price Technical Analysis

The WTI crude oil price started a major upward move from $72.30 against the US Dollar on the hourly chart. The price gained bullish momentum after breaking the $75.00 resistance and the 50-hour simple moving average. The bulls pushed the price above the $76.50 and $77.00 resistance levels, forming a recent high at $77.82.

The price started a downside correction, with a minor move toward the 23.6% Fib retracement level of the upward move from the $72.32 swing low to the $77.82 high. The RSI is now below the 50 level, and a short-term declining channel is forming with support at $76.00.

Immediate Resistance and Support Levels for WTI Crude Oil

Immediate support on the downside is near the $76.50 zone, followed by the next major support at $76.00. Below this level, the price could test the $75.05 level and the 50% Fib retracement level of the upward move from the $72.32 swing low to the $77.82 high. If there is a downside break, the price might decline toward $74.50, and any more losses may open the doors for a move toward the $72.30 support zone.

If the price climbs higher again, it could face resistance near $77.05, followed by the next major resistance at $77.80. Any more gains might send the price toward the $78.50 level.

Conclusion

In conclusion, the gold price has started a fresh increase, breaking above the $2,665 resistance level, while WTI crude oil prices have climbed higher, surpassing $77.00. Both commodities may extend their gains, but it’s essential to monitor the immediate resistance and support levels to make informed trading decisions.

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