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    Market Overview: Gold Pulls Back While WTI Oil Extends Its…

    Gold prices recently approached the $4,800 mark before entering a corrective phase, while WTI crude oil continues to build upward momentum, with potential to push towards the $110 level. Key Points to Watch
    • Gold advanced strongly towards $4,800 before facing a pullback against the US dollar.
    • A notable bullish trend line is emerging, offering support near $4,630 on the hourly chart.
    • WTI crude has broken above the key $100 resistance zone, signalling continued strength.
    • A descending trend line around $97.00 has been breached, reinforcing the bullish outlook for oil.
    Gold Technical Outlook On the hourly chart, gold managed to rally from levels above $4,500 and briefly approached $4,800 before sellers stepped in. This triggered a correction, pushing prices below $4,750 and $4,700, with the market also slipping under the 50-hour moving average. Momentum indicators weakened, as reflected by the RSI dropping below the neutral 50 level. The decline extended past the 38.2% Fibonacci retracement of the move from $4,351 to $4,800. Despite this pullback, buying interest remains evident above $4,575, with the 50% Fibonacci level acting as additional support. A rising trend line near $4,630 further strengthens this support zone. On the upside, immediate resistance is seen around $4,695, followed by the key $4,750 level. A sustained move above this barrier could open the way towards $4,800 and potentially $4,880. If bullish momentum fails to return, gold may continue to drift lower. Initial support lies near $4,630, while a break below $4,520 could accelerate losses towards $4,350. WTI Crude Oil Technical Outlook WTI crude oil has been trending higher on the hourly timeframe, gaining strength after moving above $96.40. Buyers pushed prices beyond the 50-hour moving average, while momentum indicators signalled strong bullish pressure. A key technical development was the breakout above a descending trend line near $97.00, which helped fuel the rally towards the $105.85 region. The market is now consolidating these gains after a modest pullback below $103, corresponding to the 23.6% Fibonacci retracement of the move from $92.78 to $105.86. If upward momentum resumes, resistance may emerge around $105.85. A breakout above $106.85 could pave the way towards $108, with $110 acting as the next major target. Further gains could extend towards $112. On the downside, a deeper correction could bring prices back towards $100.85. Stronger support is located near $99.30, where the 50% Fibonacci level and the 50-hour moving average converge. A break below this zone could expose the market to further declines towards $96.40 and potentially $92.80. FXOpen offers spreads from 0.0 pips and commissions from $1.50 per lot (additional fees may apply). Enjoy trading on MT4, MT5, TickTrader or TradingView trading platforms! The FXOpen App is a dedicated mobile application designed to give traders full control of their accounts anytime, anywhere. 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.