Market Analysis: Gold Price Accelerates Lower, Crude Oil Price Dips

FXOpen

Gold price is moving lower below the $1,885 support. Crude oil price is now correcting gains and trading below the $92.00 support.

Important Takeaways for Gold and Oil Prices Analysis Today

· Gold price failed to clear the 1,915 resistance and moved lower against the US Dollar.

· A major bearish trend line is forming with resistance near $1,865 on the hourly chart of gold at FXOpen.

· Crude oil prices are now correcting lower below the $92.00 zone.

· There was a break below a key bullish trend line with support near $92.50 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 settle above the $1,915 resistance. The price started a fresh decline below the $1,900 pivot level.

The price traded below the $1,885 support and the 50-hour simple moving average. It tested the $1,858 zone. A low is formed near $1,857.71 and the price is now consolidating losses. It is now struggling below the 23.6% Fib retracement level of the downward move from the $1,915 swing high to the $1,857 low.

There is also a major bearish trend line forming with resistance near $1,865. The next major resistance is near $1,870, above which the price could test the 50-hour simple moving average at $1,880.

The next major resistance is near the 61.8% Fib retracement level of the downward move from the $1,915 swing high to the $1,857 low at $1,892. An upside break above the $1,892 resistance could send Gold price toward $1,915. Any more gains may perhaps set the pace for an increase toward the $1,930 level.

Initial support on the downside is near the $1,858 level. The first major support is near the $1,850 level. If there is a downside break below the $1,850 support, the price might decline further. In the stated case, the price might drop toward the $1,832 support.

Oil Price Technical Analysis

On the hourly chart of WTI Crude Oil at FXOpen, the price struggled to continue higher above $94.00 against the US Dollar. The price formed a short-term top and started a fresh decline below $92.50.

There was a steady decline below the $91.50 pivot level. The bears even pushed the price below $91.20 and the 50-hour simple moving average. There was also a break below a key bullish trend line with support near $92.50.

Finally, it tested the 50% Fib retracement level of the upward move from the $87.71 swing low to the $93.93 high. Immediate support is near the $90.50 level.

The next major support on the WTI crude oil chart is near $89.20 or the 76.4% Fib retracement level of the upward move from the $87.71 swing low to the $93.93 high. If there is a downside break, the price might decline toward $89.20. Any more losses may perhaps open the doors for a move toward the $87.80 support zone.

On the upside, immediate resistance is near the 50-hour simple moving average at $92.00. The next key resistance is near $92.40. If the price climbs further higher, it could face resistance near $93.20. Any more gains might send the price toward the $94.00 level.

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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.

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