Market Analysis: Gold Slips While WTI Crude Oil Eyes Fresh Upside
Gold price extended losses below $4,800 before the bulls appeared. WTI Crude oil prices are rising and could climb further higher toward $92.00.Important Takeaways for Gold and WTI Crude Oil Prices Analysis Today- Gold price failed to clear $4,900 and declined steadily against the US Dollar.
- There is a key bearish trend line forming with resistance at $4,815 on the hourly chart of gold at FXOpen.
- WTI Crude oil prices are moving higher above the $85.00 pivot zone.
- There is a connecting bearish trend line forming with resistance at $89.10 on the hourly chart of XTI/USD at FXOpen.
Gold Price Technical Analysis
On the hourly chart of Gold at FXOpen, the price failed to settle above $4,900 and reacted to the downside, as discussed in the previous analysis. The price traded below $4,850 and $4,800 to enter a short-term bearish zone.
There was a sharp drop below $4,750. The price settled below the 50-hour simple moving average, and RSI dipped below 40. Finally, it tested the $4,700 zone. A low was formed at $4,699, and the price is now correcting some losses.
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