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

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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