Market Analysis: Gold Price Dips While Crude Oil Price Could Extend Gains

<h1></h1><img src="https://fxopen.com/blog/en/content/images/2023/07/gold.jpg" alt="Market Analysis: Gold Price Dips While Crude Oil Price Could Extend Gains" /><p><em>Gold price is correcting lower from the $1,988 resistance. Crude oil price is rising, and it could climb further higher toward the $77.10 resistance.</em></p><h2>Important Takeaways for Gold and Oil Prices Analysis Today</h2><ul><li>Gold prices failed to clear the 1,988 resistance and corrected lower against the US Dollar.</li><li>Gold traded below a key bullish trend line with support at $1,980 on the hourly chart at FXOpen.</li><li>Crude oil prices are moving higher, above the $75.00 resistance zone.</li><li>There is a key bullish trend line forming with support near $75.60 on the hourly chart of XTI/USD at FXOpen.</li></ul><h2>Gold Price Technical Analysis</h2><p>On the hourly chart of gold at FXOpen, the price climbed above the $1,966 resistance. The price even broke the $1,980 level before the bearish sentiment arose.</p><figure><img src="https://lh6.googleusercontent.com/hnm4ayHFAwAEHXj4IXQYneMfrki4bFnhD23oR5e13pYHRtUSNE07WU2xWJSFRZ9ZQ3D9Cja7C25yKqAb4JiwP1EXybXzCusd8KVnksXukE2CGp_CuqrWNAx4dt4ZVgmY7HBBPcpFxhF-" alt="Market Analysis: Gold Price Dips While Crude Oil Price Could Extend Gains" loading="lazy" /></figure><p>XAU/USD traded as high as $1,987 before the downside correction. There was a move below a key bullish trend line with support at $1,980. The price settled below the 50-hour simple moving average, and RSI dipped below 50.</p><p>The bulls are now protecting the 50% Fib retracement level of the upward move from the $1,945 swing low to the $1,987 high at $1,966. If they remain active, the price could start a fresh increase.</p><p>Immediate resistance is near the 50-hour simple moving average at $1,978. The next major resistance is near the $1,988 level. An upside break above $1,988 could send the Gold price toward $1,995. Any more gains may perhaps set the pace for an increase toward the $2,000 level.</p><p>Initial support on the downside is near $1,966. The first major support is near the 61.8% Fib retracement level of the upward move from the $1,945 swing low to the $1,987 high at $1,962.</p><p>If there is a downside break below this level, the price might decline further. In the stated case, it may drop toward the $1,955 support.</p><h2>Oil Price Technical Analysis</h2><p>On the hourly chart of WTI Crude Oil at FXOpen, the price started a decent increase against the US Dollar. It gained bullish momentum after it broke the $72.50 resistance, as mentioned in <a href="https://fxopen.com/blog/en/aj-market-analysis-gold-price-struggles-while-crude-oil-price-aims-higher/?utm_source=blog&amp;utm_medium=post&amp;utm_campaign=analysislinks">the previous analysis</a>.</p><figure><img src="https://lh4.googleusercontent.com/BqNePvsEXr0FvZdwx88y865njQCmKpPrN5apNUTIdAe1xkutjwkzl22tWHo_H66mzeFnB1B40VZf0Zd8UrXgXqjE1Ldm3niYvrja4-kMDDf_fMSQ_Mr8JkBCyr069mnLrt9QEc9nW1ZP" alt="Market Analysis: Gold Price Dips While Crude Oil Price Could Extend Gains" loading="lazy" /></figure><p>There was a sustained upward move above the $75.00 and $75.60 resistance levels. The bulls pushed the price above the 61.8% Fib retracement level of the downward move from the $76.81 swing high to the $74.45 low.</p><p>It is now trading above the 50-hour simple moving average, and the RSI is rising above 60. The bears seem to be active near the 76.4% Fib retracement level of the downward move from the $76.81 swing high to the $74.45 low.</p><p>If the price climbs further, it could face resistance near $76.80. The first major resistance is near the $77.10 level. Any more gains might send the price toward the $78.80 level.</p><p>Conversely, the price might correct gains and retest the 50-hour simple moving average and a connecting bullish trend line at $75.60. The next major support on the WTI crude oil chart is near $75.00.</p><p>If there is a downside break, the price might decline toward $73.80. Any more losses may perhaps open the doors for a move toward the $72.50 support zone.</p>