Market Analysis: Gold Price Dips Again and Crude Oil Price Turns Red

<img src="https://fxopen.com/blog/en/content/images/2024/01/gold.jpg" alt="Market Analysis: Gold Price Dips Again and Crude Oil Price Turns Red" /><p><em>Gold price is correcting gains below the $2,040 support. Crude oil prices declined steadily below the $72.90 support and moved into a bearish zone.</em></p><h2>Important Takeaways for Gold and Oil Prices Analysis Today</h2><p>· Gold price climbed higher toward the $2,060 zone before it corrected lower against the US Dollar.</p><p>· A key bearish trend line is forming with resistance near $2,040 on the hourly chart of gold at FXOpen.</p><p>· Crude oil prices extended downsides below the $72.90 support zone.</p><p>· A major bearish trend line is forming with resistance near $72.20 on the hourly chart of XTI/USD at FXOpen.</p><h2>Gold Price Technical Analysis</h2><p>On the hourly chart of Gold at FXOpen, the price rallied heavily above the $2,040 resistance. The price even spiked above $2,060 before there was a downside correction.</p><p>There was a move below the $2,040 support level. The bears even pushed the price below the $2,030 support and the 50-hour simple moving average. It tested the $2,020 zone. A low is formed near $2,019.32 and the price is now showing bearish signs.</p><figure><img src="https://fxopen.com/blog/en/content/images/2024/01/gold.png" alt="Market Analysis: Gold Price Dips Again and Crude Oil Price Turns Red" loading="lazy" width="2000" height="1099" srcset="https://fxopen.com/blog/en/content/images/size/w600/2024/01/gold.png 600w, https://fxopen.com/blog/en/content/images/size/w1000/2024/01/gold.png 1000w, https://fxopen.com/blog/en/content/images/size/w1600/2024/01/gold.png 1600w, https://fxopen.com/blog/en/content/images/size/w2400/2024/01/gold.png 2400w" sizes="(min-width: 720px) 720px" /></figure><p>Immediate resistance is near the 23.6% Fib retracement level of the downward move from the $2,062 swing high to the $2,019 low at $2,030.</p><p>The next major resistance is near a bearish trend line at $2,040. The trend line is close to the 50-hour simple moving average and coincides with the 50% Fib retracement level of the downward move from the $2,062 swing high to the $2,019 low.</p><p>The main resistance could be $2,055, above which the price could test the $2,070 resistance. The next major resistance is $2,080. An upside break above the $2,080 resistance could send Gold price toward $2,120. Any more gains may perhaps set the pace for an increase toward the $2,135 level.</p><p>Initial support on the downside is near the $2,020 level. The first major support is near the $2,012 level. If there is a downside break below the $2,012 support, the price might decline further. In the stated case, the price might drop toward the $1,980 support.</p><h2>Oil Price Technical Analysis</h2><p>On the hourly chart of WTI Crude Oil at FXOpen, the price struggled to continue higher above $75.20 against the US Dollar. The price formed a short-term top and started a fresh decline below $74.50.</p><p>There was a steady decline below the $72.90 pivot level. The bears even pushed the price below $72.20 and the 50-hour simple moving average. Finally, the price tested the $71.40 zone. The recent swing low was formed near $71.69, and the price is now consolidating losses.</p><figure><img src="https://fxopen.com/blog/en/content/images/2024/01/oil.png" alt="Market Analysis: Gold Price Dips Again and Crude Oil Price Turns Red" loading="lazy" width="2000" height="1099" srcset="https://fxopen.com/blog/en/content/images/size/w600/2024/01/oil.png 600w, https://fxopen.com/blog/en/content/images/size/w1000/2024/01/oil.png 1000w, https://fxopen.com/blog/en/content/images/size/w1600/2024/01/oil.png 1600w, https://fxopen.com/blog/en/content/images/size/w2400/2024/01/oil.png 2400w" sizes="(min-width: 720px) 720px" /></figure><p>Immediate support is near the $71.40 level. The next major support on the WTI crude oil chart is near $71.00. If there is a downside break, the price might decline toward $70.00. Any more losses may perhaps open the doors for a move toward the $68.00 support zone.</p><p>On the upside, immediate resistance is near a major bearish trend line at $72.20. It is close to the 23.6% Fib retracement level of the downward move from the $73.63 swing high to the $71.69 low.</p><p>The next resistance is near the 61.8% Fib retracement level of the downward move from the $73.63 swing high to the $71.69 low at $72.90. A clear move above the trend line resistance and $72.90 could send the price toward $73.60.</p><p>The next key resistance is near $75.20. If the price climbs further higher, it could face resistance near $78.00. Any more gains might send the price toward the $80.00 level.</p>