GOLD (XAUUSD) and WTI Crudeoil Technical Analysis with Alternative scenario : 20 March 2025

GOLD (XAUUSD) :

Overview

Gold’s primary trend remains bullish after reaching a new all-time high, with further upside potential toward $3,075–$4,000. This rally indicates strong bullish momentum, and a trendline breakout suggests the possibility of continued gains toward these levels.

Biasness:

Gold price hits fresh record high as a combination of factors continues to boost safe-haven demand. Dovish Fed expectations keep the USD bulls on the defensive and further underpin the XAU/USD.

Key Levels:

R1- 3060      R2- 3075

S1- 3040      S2- 3020

Technical Analysis:

The RSI is overbought and turning downward, while the 50 EMA remains bullish, indicating strength in price. A breakout above resistance reinforces the bullish bias, but if the price drops below the $3020 support, bearishness could be expected.

Data Releases:

Initial job claims is due for the day with 224k expected reading if reading comes positive so gold price turned bearish and vice-versa.

Alternative Scenario:

If gold price moves down or break the support level at 3020 then bearishness can be expected.While writing the report, gold is trending at  3041.5

Crude Oil (WTIUSD):

Overview:

The major trend of Oil is Bearish. Oil has formed a tweezer bottom pattern on the 4-hour chart and is holding support at 66.00. It has bounced from this level before, and prices are expected to rise further.

Biasness:

Oil prices rose on Thursday as US fuel demand improved after a bigger-than-expected drop in fuel inventories, and a weaker US Dollar supported the gains.

Key Levels:

R1: 68.00         R2: 69.00
S1: 66.00         S2: 65.00

Indicator:

Oil prices are trading above the middle Bollinger band at 67.10, indicating strength.

Data Release:

Traders are waiting for the Initial Jobless Claims today. If the figure comes in more than expected(224K), then Oil may rise.

Alternative Scenario:

If Oil breaches an immediate support mark of 66.00 and trade below the middle Bollinger band, then a short term bearish view can be expected.

While writing the report,  Oil is trading at 67.30

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