Gold price has seen a notable increase from the $2,300 level against the US Dollar. The price action broke a key descending channel with resistance at $2,315, highlighting a bullish momentum. The price surged above the $2,345 level and the 50-hour moving average, reaching as high as $2,358. Currently, XAU/USD is consolidating near the $2,355 zone with the RSI above 70. Looking ahead, the initial support rests near the 23.6% Fib retracement level at $2,345, followed by significant support at the $2,335 zone. A break below $2,335 could trigger further downside towards $2,320 and the 50-hour moving average. On the upside, immediate resistance lies at $2,360, with a major barrier at $2,372. A breakout above $2,372 could propel gold towards $2,385, setting the stage for a potential rally towards $2,400.
Oil Price Movement
WTI Crude Oil has displayed signs of recovery, finding support near $76.70 and initiating an upward move above $77.75 and the 50-hour moving average. The price action surpassed the 50% Fib retracement level, indicating a bullish bias. Additionally, a break above a bearish trendline at $78.40 suggests further upside potential. However, the price is currently facing resistance near $79.50, close to the 61.8% Fib retracement level. A clear breakout above $79.50 could propel oil towards the $81.20 resistance, with additional gains targeting $83.00. On the flip side, immediate support is seen at $78.55, followed by a major support level at $77.75. A downside break could lead to a decline towards $76.70, potentially paving the way for a move towards the $75.00 support zone.
Both gold and oil prices have shown bullish signs in their recent price actions. Gold has surged above key resistance levels, indicating a strong uptrend, while oil has found support and is poised for further gains. Traders and investors should closely monitor these price levels and key support/resistance areas for potential trading opportunities. It is essential to exercise caution and implement risk management strategies in volatile commodity markets. For those interested in trading commodity CFDs, consider opening a trading account to capitalize on these price movements.