Gold continues to hold firm above the $2,565 support area, maintaining upward momentum, while WTI crude oil is showing renewed weakness and may extend losses below $96.50.
Key Points for Today’s Gold and WTI Analysis
• Gold has rebounded from the $4,500 level against the US dollar.
• A key descending trend line around $4,620 has been broken on the hourly chart.
• WTI crude failed to overcome resistance near $108 and has turned lower.
• A bearish trend line is forming with resistance around $100.45 on the hourly chart.
Gold Technical Outlook
On the hourly timeframe, gold found solid support near $4,500 and began a steady recovery, moving above $4,550. The price climbed past both the 50-hour moving average and the $4,600 level, signalling strengthening bullish sentiment.
Buyers also pushed the market beyond the 50% Fibonacci retracement of the decline from $4,740 to $4,510, while a descending resistance line near $4,620 was breached. The next obstacle lies around $4,650, aligning with the 61.8% Fibonacci level.
A decisive move above $4,700 could open the path towards $4,740, with further upside potentially targeting $4,850. On the downside, immediate support is seen near $4,600, followed by a stronger base around $4,565. A break below this level could trigger a decline towards $4,510, with deeper losses exposing $4,420.
WTI Crude Oil Technical Outlook
WTI crude oil failed to sustain gains above $108 and reversed lower, slipping beneath $105 and extending losses below $100. The price also dropped under the 50-hour moving average, reflecting increasing bearish pressure.
Support has emerged near $96.00, where the market is currently stabilising after forming a low at $96.04. Any recovery attempt may face resistance near the 23.6% Fibonacci retracement of the drop from $107.62 to $96.04.
A key barrier stands near $100.45, where a bearish trend line is forming. A break above this level could allow a move towards $103.20 (61.8% Fibonacci level), with further upside targeting $105.65 and potentially $108.
If selling pressure persists, the price may retest $96.00, with the next major support located around $92.00. A breakdown below this level could accelerate declines towards $90.00, and possibly as low as $86.50.
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