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XAU/USD chart on the hourly time frame

Gold price was able to touch our expected target at 2700.00 and finds good resistance there, waiting to gather positive momentum that pushes the price to continue rising within the ascending channel that appears on the chart to achieve additional gains extending to 2725.00 as the next main station.

Note that breaking 2672.00 will stop the expected rise and pressure the price to turn down.

USOIL chart on the hourly time frame

Oil price continued to rise yesterday to exceed the positive target indicated in our last technical update at 80.00, confirming the continued dominance of the upward trend during the coming period and its next target is at 81.80.

Therefore, we expect to witness more rise in the immediate and short term, noting that breaking 78.25 will stop the upward wave and pressure the price to start a downward correction in the immediate term.