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Gold Price and Oil Price Eye More Upsides | Forex Trading Blog | Online Trading Blog

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Gold price started a fresh increase from the $1,810 level. Crude oil price is rising and might gain pace above the $113.75 resistance.

Important Takeaways for Gold and Oil

· Gold price started a decent increase after it formed a base above $1,810 against the US Dollar.

· There is a key bullish trend line forming with support near $1,845 on the hourly chart of gold.

· Crude oil price gained pace after it broke the $108 and $110 resistance levels.

· There is a major bullish trend line forming with support near $111.10 on the hourly chart of XTI/USD.

Gold Price Technical Analysis

Gold price formed a base above the $1,800 and $1,810 levels against the US Dollar. The price started a fresh increase after it broke the $1,825 resistance zone.

There was a clear move above the $1,840 level and the 50 hourly simple moving average. The price even cleared the $1,850 level and traded as high as $1,869 on FXOpen. Recently, there was a downside correction below $1,850, but the bulls protected $1,840.

Gold Price Hourly Chart

A low is formed near $1,840 and the price is now rising. There was a move above the 50% Fib retracement level of the downward move from the $1,869 swing high to $1,840 low.

On the upside, the price is facing resistance near the $1,858 level. It is near the 61.8% Fib retracement level of the downward move from the $1,869 swing high to $1,840 low. The main resistance is now forming near the $1,870 level.

A close above the $1,870 level could open the doors for a steady increase towards $1,880. The next major resistance sits near the $1,900 level.

On the downside, an initial support is near the $1,850 level. The next major support is near the $1,845 level. There is also a key bullish trend line forming with support near $1,845 on the hourly chart of gold, below which there is a risk of a larger decline.

Oil Price Technical Analysis

Crude oil price formed a base above the $104 level against the US Dollar. The price started a major increase above the $106 and $108 resistance levels.

The price climbed above the $110 level and the 50 hourly simple moving average. The price was able to settle above the $111 level and traded as high as $113.75. It is now consolidating gains below the $113.75 level.

Oil Price Hourly Chart

It tested the 23.6% Fib retracement level of the recent increase from the $108.46 swing low to $113.75 high. An immediate resistance is near the $113.20 level.

The next key resistance is near the $113.75 level, above which the price might accelerate higher towards $114.50 or even $115.00. On the downside, an immediate support is near the $112.50 level. The next major support is near the $11.75 level or the 50% Fib retracement level of the recent increase from the $108.46 swing low to $113.75 high. There is also a major bullish trend line forming with support near $111.10 on the hourly chart of XTI/USD.

If there is a downside break, the price might decline towards $110. Any more losses may perhaps open the doors for a move towards the $108 support zone 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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