Market Analysis: Gold Under Pressure as WTI Crude Extends Rally During Iran War

Gold price extended losses below $5,100 before the bulls appeared. WTI Crude oil prices are rising and could climb further higher toward $80.00.

Important Takeaways for Gold and WTI Crude Oil Prices Analysis Today

· Gold price failed to clear $5,420 and corrected lower against the US Dollar.

· There is a key bearish trend line forming with resistance at $5,255 on the hourly chart of gold at FXOpen.

· WTI Crude oil prices are moving higher above the $72.00 resistance zone.

· There is a bullish trend line forming with support near $72.85 on the hourly chart of XTI/USD at FXOpen.

Gold Price Technical Analysis

On the hourly chart of Gold at FXOpen, the price was able to climb above $5,150. The price even broke $5,250 before the bears appeared. The price traded toward $5,420 before there was a fresh decline.

There was a move below $5,250 and $5,050. The price settled below the 50-hour simple moving average, and RSI dipped below 40. Finally, it tested the $5,000 handle. A low was formed at $4,995 and the price is now attempting to recover.

The price climbed above the 23.6% Fib retracement level of the downward move from the $5,419 swing high to the $4,995 low. Immediate resistance on the upside is $5,205 and the 50% Fib retracement.

The first major hurdle sits at $5,255. There is also a key bearish trend line forming with resistance at $5,255. A close above $5,255 could initiate a recovery wave to $5,420. An upside break above $5,420 could send Gold price toward $5,500. Any more gains may perhaps set the pace for an increase toward $5,650.

If there is no fresh increase, the price could continue to move down. Initial support on the downside is near the $5,125 level. The first key area of interest might be $5,080. If there is a downside break below $5,080, the price might decline further. In the stated case, the price might drop to $5,000.

WTI Crude Oil Price Technical Analysis

On the hourly chart of WTI Crude Oil at FXOpen, the price started a strong increase from $63.50 against the US Dollar. The price gained bullish momentum after it broke $68.00.

There was a sustained upward movement above $69.50 and $72.00. The bulls pushed the price above the 50-hour simple moving average, and the RSI climbed toward 80. A high was formed near $77.07 before there was a minor pullback.

The price declined below the 23.6% Fib retracement level of the upward move from the $63.56 swing low to the $77.07 high. However, the bulls are active above $72.00. There is also a key bullish trend line forming with support near $72.85.

Immediate resistance is $75.00. If the price climbs further, it could face hurdles near $77.05. The next major stop for the bulls might be $78.00. Any more gain might send the price toward $80.00.

Conversely, the price might correct gains and retest the 50-hour simple moving average or the trend line. The next area of interest on the WTI crude oil chart is near the 50% Fib retracement at $70.35. If there is a downside break, the price might decline to $66.75. Any more losses may perhaps open the doors for a move toward $63.55.

Start trading commodity CFDs with tight spreads (additional fees may apply). Open your trading account now or learn more about trading commodity CFDs 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.