Market Analysis: Gold Price and Crude Oil Price Turn Red

<img src="https://fxopen.com/blog/en/content/images/2023/06/gold.jpg" alt="Market Analysis: Gold Price and Crude Oil Price Turn Red" /><p><em>Gold price is moving lower below the $1,928 support. Crude oil price is also declining and remains at a risk of more losses below $69.00.</em></p><h2>Important Takeaways for Gold and Oil Prices Analysis Today</h2><p>&#xB7; Gold price failed to clear the $1,965 resistance and start a fresh decline against the US Dollar.</p><p>&#xB7; It is now following a key bearish trend line with resistance near $1,915 on the hourly chart of gold at FXOpen.</p><p>&#xB7; Crude oil prices are also moving lower below $71.20 and $70.20 levels.</p><p>&#xB7; There was a break below a major bullish trend line with support near $70.85 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 start a fresh increase above the $1,965 resistance. The price started a fresh decline below the $1,938 support.</p><p>There was a close below the 50-hour simple moving average and $1,928. It tested the $1,910 support zone. A low is formed at $1,910.40 and the price is now consolidating losses. It is following a key bearish trend line with resistance near $1,915.</p><figure><img src="https://fxopen.com/blog/en/content/images/2023/06/gold–2-.png" alt="Market Analysis: Gold Price and Crude Oil Price Turn Red" loading="lazy" width="2000" height="1099" srcset="https://fxopen.com/blog/en/content/images/size/w600/2023/06/gold–2-.png 600w, https://fxopen.com/blog/en/content/images/size/w1000/2023/06/gold–2-.png 1000w, https://fxopen.com/blog/en/content/images/size/w1600/2023/06/gold–2-.png 1600w, https://fxopen.com/blog/en/content/images/size/w2400/2023/06/gold–2-.png 2400w" sizes="(min-width: 720px) 720px" /></figure><p>The trend line is close to the 23.6% Fib retracement level of the downward move from the $1,955 swing high to the $1,910 low. The next major resistance is near the 50-hour simple moving average at $1,928.</p><p>The 61.8% Fib retracement level of the downward move from the $1,955 swing high to the $1,910 low is also near $1,928. An upside break above the $1,928 resistance could send Gold price toward $1,938. Any more gains may perhaps set the pace for an increase toward the $1,955 level.</p><p>Initial support on the downside is near the $1,910 level. The first major support is near the $1,900 level. The main support sits near the $1,885 level. If there is a downside break below the $1,885 support, the price might decline further. In the stated case, the price might drop toward the $1,865 support.</p><h2>Oil Price Technical Analysis</h2><p>On the hourly chart of WTI Crude Oil at FXOpen, the price struggled to rise above the $72.60 resistance against the US Dollar. A high was formed near $72.68 and there was a downward move.</p><p>There was a break below a major bullish trend line with support near $70.85. The price declined below the 50-hour simple moving average and RSI dropped below 30. It is now consolidating near the 1.236 Fib extension level of the upward move from the $69.74 swing low to the $72.68 high.</p><figure><img src="https://fxopen.com/blog/en/content/images/2023/06/oil–1-.png" alt="Market Analysis: Gold Price and Crude Oil Price Turn Red" loading="lazy" width="2000" height="1099" srcset="https://fxopen.com/blog/en/content/images/size/w600/2023/06/oil–1-.png 600w, https://fxopen.com/blog/en/content/images/size/w1000/2023/06/oil–1-.png 1000w, https://fxopen.com/blog/en/content/images/size/w1600/2023/06/oil–1-.png 1600w, https://fxopen.com/blog/en/content/images/size/w2400/2023/06/oil–1-.png 2400w" sizes="(min-width: 720px) 720px" /></figure><p>The next major support on the WTI crude oil chart is near $67.90. It coincides with the 1.618 Fib extension level of the upward move from the $69.74 swing low to the $72.68 high.</p><p>If there is a downside break, the price might decline toward $67.00. Any more losses may perhaps open the doors for a move toward the $65.50 support zone. If there is a recovery wave, the price might face resistance near $70.20.</p><p>The first major resistance is near the 50-hour simple moving average at $71.20. Any more gains might send the price toward the $72.60 level in the coming days.</p>