Gold Keeps Its Shine While WTI Crude Oil Slips Back Lower

Gold price remained supported and extended gains to $4,500. Crude oil is showing bearish signs and might decline below $55.00.

Important Takeaways for Gold and WTI Crude Oil Prices Analysis Today

· Gold price started a consolidation phase after a decent increase to $4,500 against the US Dollar.

· A key bullish trend line is forming with support at $4,460 on the hourly chart of gold at FXOpen.

· Crude oil prices failed to clear the $58.60 region and started a fresh decline.

· There is a connecting trend line forming with support at $55.70 on the hourly chart of XTI/USD at FXOpen.

Gold Price Technical Analysis

On the hourly chart of Gold at FXOpen, the price formed a base above $4,275. The price remained in a bullish zone and started an upward move within a range above $4,350.

There was a decent move above the 50-hour simple moving average and $4,400. The bulls pushed the price above the $4,420 and $4,450 resistance levels. A high was formed at $4,500 before the price saw a minor pullback.

Initial support on the downside is $4,460 and a bullish trend line. The first key breakdown zone could be $4,445, the 50-hour simple moving average, and the 23.6% Fib retracement level of the upward move from the $4,273 swing low to the $4,500 high.

A close below the trend line and the $4,445 could spark a major downside correction. In the stated case, the price could test the 50% Fib retracement at $4,385. Any more losses might push the price toward $4,325.

Immediate resistance is near $4,500. The next major hurdle for the bulls is $4,520. An upside break above $4,520 could send Gold price toward $4,550. Any more gains may perhaps set the pace for an increase toward $4,600 and a new all-time high.

WTI Crude Oil Price Technical Analysis

On the hourly chart of WTI Crude Oil at FXOpen, the price struggled to clear $58.60 against the US Dollar. The price started a fresh decline below $58.00.

The bears gained strength and pushed the price below $57.20 and the 50-hour simple moving average. Finally, the price tested $55.70 and recently started a consolidation phase. There was a move above $56.00 and toward the 23.6% Fib retracement level of the downward move from the $58.60 swing high to the $55.71 low.

The bears are now active below $56.50. If there is a fresh increase, the price could face a barrier near $56.40. The first major hurdle is near the 50% Fib retracement at $57.15.

The next stop for the bulls could be near $58.10. Any more gains might send the price toward $58.60. Conversely, the price might start another decline and test $55.70. There is also a connecting trend line forming with support at $55.70.

The next major area of interest for the bulls on the WTI crude oil chart is $55.00. If there is a downside break, the price might decline toward $53.50. Any more losses may perhaps open the doors for a move toward $52.00.

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