Gold and Crude Oil Price Could Continue To Rise

Gold and Crude Oil Price Could Continue To Rise

Gold price is trading nicely and is currently positioned above the $1,500 level. Crude oil price is also climbing higher and it could continue to rise towards $58.00.

Important Takeaways for Gold and Oil

  • Gold price traded higher recently and recently broke the $1,500 resistance area against the US Dollar.
  • There is a key bullish trend line forming with support near $1,494 on the hourly chart of gold.
  • Crude oil price broke the $55.00 resistance area and it recently climbed towards $1,505.
  • There is a major ascending channel forming with support near $55.80 on the hourly chart of XTI/USD.

Gold Price Technical Analysis

Recently, gold price started a strong rise and climbed above the key $1,485 resistance against the US Dollar. It opened the doors for more gains and the price even broke the $1,485 and $1,492 resistance levels.

The recent upward move was such that the price settled above the $1,495 level and the 50 hourly simple moving average. Finally, the price broke the $1,500 resistance and traded as high as $1,504 on FXOpen.

Gold Price Technical Analysis

At the moment, the price is consolidating gains above the $1,500 level. An immediate support is near $1,500 and the 23.6% Fib retracement level of the recent wave from the $1,487 low to $1,504 high.

If there are more downsides, the next major support for the bulls is near the $1,495 area. Besides, the 50% Fib retracement level of the recent wave from the $1,487 low to $1,504 high is also near the $1,495 area.

More importantly, there is a key bullish trend line forming with support near $1,494 on the hourly chart of gold. If there are more downsides, the price could move back into a bearish zone towards the $1,485 support area.

On the upside, an immediate resistance is near the $1,505 area. If there is a clear break above $1,505, the price could rally towards the $1,510 and $1,515 resistance levels in the near term.

Oil Price Technical Analysis

In the past few days, crude oil price followed a bullish path and climbed above the $54.50 and $55.00 resistance levels against the US Dollar. The price even broke the $56.00 resistance area to move into a positive zone.

It is now trading well above the $55.50 pivot level and the 50 hourly simple moving average. The recent wave was such that the price traded towards the $56.50 level and formed a high near $56.49.

Oil Price Technical Analysis

It is currently correcting lower and is trading below the $56.20 level. Moreover, there was a break below the 50% Fib retracement level of the recent wave from the $55.40 low to $56.49 high.

On the downside, the price is testing the $55.80 support area, plus the 61.8% Fib retracement level of the recent wave from the $55.40 low to $56.49 high. There is also a major ascending channel forming with support near $55.80 on the hourly chart of XTI/USD.

If there is a downside break below the channel support and $55.80, the price could decline towards the $55.40 support area. The 50 hourly SMA is also positioned near the $55.40 level to provide support.

On the upside, the $56.50 level is an immediate resistance. A successful break above $56.50 could push crude oil price higher towards the $57.00 and $58.00 resistance levels.

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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