Market Analysis: Gold and Crude Oil At Risk of More Losses

Gold price is struggling below the $1,967 support level. Crude oil price is also declining and remains at a risk of more losses below $70.75.

Important Takeaways for Gold and Oil Prices Analysis Today

• Gold price failed to clear the $1,982 resistance and trimmed gains against the US Dollar.
• It is now following a short-term declining channel with resistance near $1,948 on the hourly chart of gold at FXOpen.
• Crude oil prices are also moving lower below $72.80 and $72.00 levels.
• There was a break below a major bullish trend line with support near $73.50 on the hourly chart of XTI/USD at FXOpen.

Gold Price Technical Analysis

On the hourly chart of Gold at FXOpen, the price struggled to start a fresh increase above the $1,982 resistance. The price started a fresh decline below the $1,967 support.

There was a close below the 50-hour simple moving average and $1,950. The price tested the $1,938 support zone. A low is formed at $1,936.68, and the price is now consolidating losses. It is following a short-term declining channel with resistance near $1,948.

The channel resistance is near the 23.6% Fib retracement level of the downward move from the $1,982 swing high to the $1,938 low. The next major resistance is near the $1,950 level.

If the breakout occurs, the price will target resistance of $1,960 near the 50% Fib retracement level of the downward move from the $1,982 swing high to the $1,938 low and the 50-hour simple moving average. An upside break above $1,960 could send the Gold price toward $1,967. Any more gains may perhaps set the pace for an increase toward the $1,982 level.

Initial support on the downside is near the $1,938 level. The first major support is near the $1,932 level. The next support sits near the $1,920 level. If there is a downside break below $1,920, the price might decline heavily towards $1,900, below which the bulls could aim for a test of $1,880.

Oil Price Technical Analysis

On the hourly chart of WTI Crude Oil at FXOpen, the price struggled to rise above the $74.60 resistance against the US Dollar. A high was formed near $74.66, and the price moved down.

There was a break below a major bullish trend line with support near $73.50. The price declined below the 50-hour simple moving average, and the RSI dropped to 25. A low is formed near $70.97, and the price is now consolidating losses.

It is trading near the 23.6% Fib retracement level of the recent decline from the $74.66 swing high to the $70.75 low, above which the price might attempt a recovery.

The first major resistance is near the 50% Fib retracement level of the recent decline from the $74.66 swing high to the $70.75 low at $72.80. Any more gains might send the price toward the $73.50 level in the coming days.

On the downside, support is near the $70.75 level. The next major support on the WTI crude oil chart is near $70.20. If there is a downside break, the price might decline toward $68.80. Any more losses may perhaps open the doors for a move toward the $66.50 support zone.