Market Analysis: Gold Price Corrects Gains and Crude Oil Price Tumbles

<img src="https://images.unsplash.com/photo-1624365169364-0640dd10e180?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wxMTc3M3wwfDF8c2VhcmNofDIwfHxnb2xkfGVufDB8fHx8MTY5OTU5NjEyNnww&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=2000" alt="Market Analysis: Gold Price Corrects Gains and Crude Oil Price Tumbles" /><p><em>Gold price is correcting gains below the $1,980 support. Crude oil prices declined heavily below the $80.00 support and moved into a bearish zone.</em></p><h2>Important Takeaways for Gold and Oil Prices Analysis Today</h2><p>&#xB7; Gold price failed to settle above the $2,000 region and moved lower against the US Dollar.</p><p>&#xB7; It broke a major bearish trend line with resistance near $1,958 on the hourly chart of gold at FXOpen.</p><p>&#xB7; Crude oil prices dived toward the $75 zone before the bulls appeared.</p><p>&#xB7; A key bearish trend line is forming with resistance near $76.90 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 struggled to settle above the $2,000 resistance. The price started a fresh decline below the $1,980 pivot level.</p><p>The price traded below the $1,965 support and the 50-hour simple moving average. It tested the $1,945 zone. A low is formed near $1,944.71 and the price is now attempting a fresh increase. It broke a major bearish trend line with resistance near $1,958.</p><figure><img src="https://fxopen.com/blog/en/content/images/2023/11/gold–2-.png" alt="Market Analysis: Gold Price Corrects Gains and Crude Oil Price Tumbles" loading="lazy" width="2000" height="1099" srcset="https://fxopen.com/blog/en/content/images/size/w600/2023/11/gold–2-.png 600w, https://fxopen.com/blog/en/content/images/size/w1000/2023/11/gold–2-.png 1000w, https://fxopen.com/blog/en/content/images/size/w1600/2023/11/gold–2-.png 1600w, https://fxopen.com/blog/en/content/images/size/w2400/2023/11/gold–2-.png 2400w" sizes="(min-width: 720px) 720px" /></figure><p>There was also a spike above the 23.6% Fib retracement level of the downward move from the $2,005 swing high to the $1,945 low. It is now facing resistance near the $1,965 level.</p><p>The next major resistance is near the 61.8% Fib retracement level of the downward move from the $2,005 swing high to the $1,945 low at $1,980, above which the price could test the $2,005 resistance.</p><p>The next major resistance is $2,020. An upside break above the $2,020 resistance could send Gold price toward $2,032. Any more gains may perhaps set the pace for an increase toward the $2,050 level.</p><p>Initial support on the downside is near the $1,958 level. The first major support is near the $1,945 level. If there is a downside break below the $1,945 support, the price might decline further. In the stated case, the price might drop toward the $1,920 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 $83.30 against the US Dollar. The price formed a short-term top and started a fresh decline below $80.00.</p><p>There was a steady decline below the $78.00 pivot level. The bears even pushed the price below $77.00 and the 50-hour simple moving average. Finally, the price tested the $75.00 zone. A low is formed near $74.90 and the price is now consolidating losses.</p><figure><img src="https://fxopen.com/blog/en/content/images/2023/11/oil–2-.png" alt="Market Analysis: Gold Price Corrects Gains and Crude Oil Price Tumbles" loading="lazy" width="2000" height="1099" srcset="https://fxopen.com/blog/en/content/images/size/w600/2023/11/oil–2-.png 600w, https://fxopen.com/blog/en/content/images/size/w1000/2023/11/oil–2-.png 1000w, https://fxopen.com/blog/en/content/images/size/w1600/2023/11/oil–2-.png 1600w, https://fxopen.com/blog/en/content/images/size/w2400/2023/11/oil–2-.png 2400w" sizes="(min-width: 720px) 720px" /></figure><p>It is stuck near the 50-hour simple moving average. Immediate support is near the $74.90 level. The next major support on the WTI crude oil chart is near $74.20. If there is a downside break, the price might decline toward $72.50. Any more losses may perhaps open the doors for a move toward the $70.00 support zone.</p><p>On the upside, immediate resistance is near a key bearish trend line at $76.90. The trend line is near the 23.6% Fib retracement level of the downward move from the $83.32 swing high to the $74.90 low.</p><p>A clear move above the trend line resistance could send the price toward $80.10. It coincides with the 61.8% Fib retracement level of the downward move from the $83.32 swing high to the $74.90 low.</p><p>The next key resistance is near $83.30. If the price climbs further higher, it could face resistance near $85.00. Any more gains might send the price toward the $88.00 level.</p>