The gold price has recently shown a positive trend, starting with an increase above the $2,335 resistance level. This uptrend began after finding support near the $2,300 zone against the US Dollar. A connecting bullish trend line is in formation with support near $2,345 on the hourly chart of gold at FXOpen. The price surged above the $2,350 resistance zone, reaching a high near $2,365.43. Currently, the price is consolidating gains above the 23.6% Fib retracement level with the RSI still above 60, suggesting the potential for more gains. Immediate resistance lies near $2,365, followed by a major resistance at $2,380. A break above this level could drive the gold price towards $2,400, setting the stage for further increases towards $2,420. On the downside, initial support is found near $2,345, with a bullish trend line offering additional support at the same level. A break below $2,345 could lead to a decline towards $2,335 or the 50% Fib retracement level from the recent swing low to high.
Oil Price Technical Analysis
On the hourly chart of WTI Crude Oil at FXOpen, the price has experienced a significant uptrend against the US Dollar. This rally gained momentum after breaking the $79.00 resistance and continued above $80.0 and $80.45. The bullish movement pushed the price towards $81.50. Currently, the price holds gains above the 23.6% Fib retracement level, with RSI stable above 50. Resistance is expected near $81.35, followed by a major level at $81.50. Further gains could drive the price towards $82.50. On the downside, a correction might test the $80.85 support level or the rising channel at the same level. The next major support is near $80.00, with a potential further decline towards $79.00 if this level is breached. Additional losses could see the price drop towards $77.50 or even $76.00.
Overall, both gold and oil prices are showing positive momentum in the current market environment. Investors are closely watching key levels and trend lines for potential trading opportunities. The analysis provided is based on technical indicators and historical price movements. Traders are advised to conduct their research and consider market conditions before making any trading decisions. It is essential to stay informed about economic events and news that could impact the precious metals and commodities market.