Market Analysis: Gold Price and Crude Oil Price Eye Additional Gains

<img src="https://fxopen.com/blog/en/content/images/2024/01/gold-2.jpg" alt="Market Analysis: Gold Price and Crude Oil Price Eye Additional Gains" /><p><em>Gold price started a decent increase above the $2,025 resistance level. Crude oil prices are gaining bullish momentum and might rise toward $82.00.</em></p><h2>Important Takeaways for Gold and Oil Prices Analysis Today</h2><p>· Gold price started a decent increase from the $2,025 zone against the US Dollar.</p><p>· A connecting bullish trend line is forming with support near $2,032 on the hourly chart of gold at FXOpen.</p><p>· Crude oil prices rallied above the $74.90 and $76.00 resistance levels.</p><p>· There was a break above a key bearish trend line with resistance near $76.80 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 found support near the $2,008 zone. The price formed a base and started a fresh increase above the $2,025 level.</p><p>There was a decent move above the 50-hour simple moving average and $2,032. The bulls pushed the price above the $2,040 resistance zone. Finally, the bears appeared near $2,050, A high is formed near $2,048.32 and the price is now consolidating gains.</p><figure><img src="https://fxopen.com/blog/en/content/images/2024/01/gold3101.png" alt="Market Analysis: Gold Price and Crude Oil Price Eye Additional Gains" loading="lazy" width="2000" height="1099" srcset="https://fxopen.com/blog/en/content/images/size/w600/2024/01/gold3101.png 600w, https://fxopen.com/blog/en/content/images/size/w1000/2024/01/gold3101.png 1000w, https://fxopen.com/blog/en/content/images/size/w1600/2024/01/gold3101.png 1600w, https://fxopen.com/blog/en/content/images/size/w2400/2024/01/gold3101.png 2400w" sizes="(min-width: 720px) 720px" /></figure><p>There was a minor move below the 23.6% Fib retracement level of the upward move from the $2,009 swing low to the $2,048 high. The RSI is still stable above 50 and the price could aim for more gains. Immediate resistance is near the $2,040 level.</p><p>The next major resistance is near the $2,050 level. An upside break above the $2,050 resistance could send Gold price toward $2,065. Any more gains may perhaps set the pace for an increase toward the $2,080 level.</p><p>Initial support on the downside is near the 50-hour simple moving average or $2,032. There is also a connecting bullish trend line forming with support near $2,032. The trend line is close to the 50% Fib retracement level of the upward move from the $2,009 swing low to the $2,048 high.</p><p>If there is a downside break below the $2,032 support, the price might decline further. In the stated case, the price might drop toward the $2,014 support.</p><h2>Oil Price Technical Analysis</h2><p>On the hourly chart of WTI Crude Oil at FXOpen, the price started a major rally against the US Dollar. The price gained bullish momentum after it broke the $74.90 resistance.</p><p>There was a sustained upward move above the $76.00 and $77.85 resistance levels. The bulls pushed the price toward $79.00. The current price action is positive above the 50-hour simple moving average and RSI is stable above 50.</p><figure><img src="https://fxopen.com/blog/en/content/images/2024/01/oil3101.png" alt="Market Analysis: Gold Price and Crude Oil Price Eye Additional Gains" loading="lazy" width="2000" height="1099" srcset="https://fxopen.com/blog/en/content/images/size/w600/2024/01/oil3101.png 600w, https://fxopen.com/blog/en/content/images/size/w1000/2024/01/oil3101.png 1000w, https://fxopen.com/blog/en/content/images/size/w1600/2024/01/oil3101.png 1600w, https://fxopen.com/blog/en/content/images/size/w2400/2024/01/oil3101.png 2400w" sizes="(min-width: 720px) 720px" /></figure><p>Recently, there was a minor decline from the $79.12 high. The price tested the $76.00 support. It is again rising above the $76.50 level. There was a break above a key bearish trend line with resistance near $76.80.</p><p>There was a move above the 50% Fib retracement level of the downward move from the $79.12 swing high to the $75.76 low. If the price climbs further higher, it could face resistance near $77.85.</p><p>The 61.8% Fib retracement level of the downward move from the $79.12 swing high to the $75.76 low is also near the $77.85 zone. The next major resistance is near the $79.00 level. Any more gains might send the price toward the $82.00 level.</p><p>Conversely, the price might correct gains below the $77.00 zone. The next major support on the WTI crude oil chart is near the $76.00 zone.</p><p>If there is a downside break, the price might decline toward $74.90. Any more losses may perhaps open the doors for a move toward the $73.50 support zone.</p>