News & Analysis / Analysis / Gold Price Could Bounce Back While Crude Oil Price Is Facing Hurdle

Gold Price Could Bounce Back While Crude Oil Price Is Facing Hurdle

FXOpen

Gold price climbed higher sharply from the $1,400 support area and is currently correcting lower. Conversely, crude oil price is under pressure and is facing hurdles.

Important Takeaways for Gold and Oil

  • Gold price climbed higher sharply from the $1,400 support area to $1,445 against the US Dollar.
  • There was a break above a short term declining channel with resistance near $1,408 on the hourly chart of gold.
  • Crude oil price started a major decline and broke the key $55.75 support area.
  • There is a crucial bearish trend line forming with resistance near $56.20 on the hourly chart of XTI/USD.

Gold Price Technical Analysis

Earlier this week, gold price declined below the $1,420 support against the US Dollar. The price even broke the $1,412 support level and tested the $1,400 support, where the bulls took a stand.

A swing low was formed near $1,400 on FXOpen and the price started a solid upward move. It broke many resistances near the $1,410 level. Moreover, there was a break above a short term declining channel with resistance near $1,408 on the hourly chart of gold.

Gold Price Technical Analysis

The price rallied above the $1,430 resistance and the 50 hourly simple moving average. A swing high was formed near $1,449 and the price is currently correcting lower.

It broke the $1,440 level plus the 23.6% Fib retracement level of the upward move from the $1,400 low to $1,449 high. The price is now trading near the key $1,430-$1,432 support level.

If there are more downside, the price could test the next important support at $1,425. The 50% Fib retracement level of the upward move from the $1,400 low to $1,449 high is also near the $1,424 level.

On the upside, an initial resistance is near the $1,438 level. If the price starts a fresh increase above the $1,438 and $1,440 resistance levels, there are high chances of more gains above the $1,445 level.

Oil Price Technical Analysis

After a decent upward move, crude oil price failed to gain momentum above the $58.80 level against the US Dollar. The price topped near the $58.79 level and recently declined heavily.

It broke the $58.00 and $57.50 support levels to enter a bearish zone. Moreover, there was a break below a connecting bullish trend line on the hourly chart, $57.00, and the 50 hourly simple moving average.

Oil Price Technical Analysis

Finally, the price broke the key $55.75 support level and declined towards the $53.50 level. A swing low was formed near $53.59 and the price is currently correcting higher.

It broke the $54.50 level plus the 23.6% Fib retracement level of the recent decline from the $58.79 high to $53.59 low. However, there are many hurdles on the upside near the $55.75 and $56.00 levels.

The main resistance is near $55.75, which was a support earlier. There is also a crucial bearish trend line forming with resistance near $56.20 on the hourly chart of XTI/USD.

The 50% Fib retracement level of the recent decline from the $58.79 high to $53.59 low is also near the $56.19 level to act as a strong resistance. A successful close above the $56.20 level is needed for a fresh increase.

On the downside, an immediate support is near the $54.50 level. If there are more losses, the price may revisit the $54.00 support level in the coming sessions.

Trade over 50 forex markets 24 hours a day with FXOpen. Take advantage of low commissions, deep liquidity, and spreads from 0.0 pips. Open your FXOpen account now or learn more about trading forex with FXOpen.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Stay ahead of the market!

Subscribe now to our mailing list and receive the latest market news and insights delivered directly to your inbox.

forex

Instrument
Live ECN bid
Live ECN ask
Action
EURUSD
1.03574
1.03574
Trade
GBPUSD
1.22509
1.22511
Trade
AUDUSD
0.62341
0.62344
Trade
USDJPY
155.807
155.810
Trade
USDCAD
1.44249
1.44252
Trade
More
Forex Trading with FXOpen

Forex Trading with FXOpen

Experience ECN technology for deep liquidity and light-speed trade execution

  • Access over 50 markets
  • Trade with spreads from 0.0 pips
  • Take advantage of commissions from $1.50/lot
Learn more

Latest articles

Forex Analysis

European Currencies Strengthen Following Donald Trump's Inauguration

The start of this trading week was marked by a sharp pullback in the US dollar. According to reports from The Wall Street Journal, the newly inaugurated US President, Donald Trump, does not intend to impose tariffs immediately after taking

Indices

Nasdaq 100: Bearish Signals Amid Increased Volatility

As revealed by the technical analysis of the 4-hour Nasdaq 100 chart (US Tech 100 mini on FXOpen), the ATR indicator has been above 125 since the start of 2025, in contrast to late 2024 when it was mostly below

Index Investing: A Practical Approach to Market Participation
Trader’s Tools

Index Investing: A Practical Approach to Market Participation

Index investing has become a popular way for traders and investors to access the broader market. By tracking the performance of financial indices like the S&P 500 or FTSE 100, index investing offers diversification, lower costs, and steady

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 60% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.