Market Analysis: Gold Price Accelerates Lower, Crude Oil Price Dips

<img src="https://images.unsplash.com/photo-1624365168968-e044f2fdf72f?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wxMTc3M3wwfDF8c2VhcmNofDMwfHxnb2xkfGVufDB8fHx8MTY5NTk3NTM0M3ww&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=2000" alt="Market Analysis: Gold Price Accelerates Lower, Crude Oil Price Dips" /><p><em>Gold price is moving lower below the $1,885 support. Crude oil price is now correcting gains and trading below the $92.00 support.</em></p><h2>Important Takeaways for Gold and Oil Prices Analysis Today</h2><p>· Gold price failed to clear the 1,915 resistance and moved lower against the US Dollar.</p><p>· A major bearish trend line is forming with resistance near $1,865 on the hourly chart of gold at FXOpen.</p><p>· Crude oil prices are now correcting lower below the $92.00 zone.</p><p>· There was a break below a key bullish trend line with support near $92.50 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 $1,915 resistance. The price started a fresh decline below the $1,900 pivot level.</p><p>The price traded below the $1,885 support and the 50-hour simple moving average. It tested the $1,858 zone. A low is formed near $1,857.71 and the price is now consolidating losses. It is now struggling below the 23.6% Fib retracement level of the downward move from the $1,915 swing high to the $1,857 low.</p><figure><img src="https://fxopen.com/blog/en/content/images/2023/09/gold–9-.png" alt="Market Analysis: Gold Price Accelerates Lower, Crude Oil Price Dips" loading="lazy" width="2000" height="1099" srcset="https://fxopen.com/blog/en/content/images/size/w600/2023/09/gold–9-.png 600w, https://fxopen.com/blog/en/content/images/size/w1000/2023/09/gold–9-.png 1000w, https://fxopen.com/blog/en/content/images/size/w1600/2023/09/gold–9-.png 1600w, https://fxopen.com/blog/en/content/images/size/w2400/2023/09/gold–9-.png 2400w" sizes="(min-width: 720px) 720px" /></figure><p>There is also a major bearish trend line forming with resistance near $1,865. The next major resistance is near $1,870, above which the price could test the 50-hour simple moving average at $1,880.</p><p>The next major resistance is near the 61.8% Fib retracement level of the downward move from the $1,915 swing high to the $1,857 low at $1,892. An upside break above the $1,892 resistance could send Gold price toward $1,915. Any more gains may perhaps set the pace for an increase toward the $1,930 level.</p><p>Initial support on the downside is near the $1,858 level. The first major support is near the $1,850 level. If there is a downside break below the $1,850 support, the price might decline further. In the stated case, the price might drop toward the $1,832 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 $94.00 against the US Dollar. The price formed a short-term top and started a fresh decline below $92.50.</p><p>There was a steady decline below the $91.50 pivot level. The bears even pushed the price below $91.20 and the 50-hour simple moving average. There was also a break below a key bullish trend line with support near $92.50.</p><figure><img src="https://fxopen.com/blog/en/content/images/2023/09/oil–5-.png" alt="Market Analysis: Gold Price Accelerates Lower, Crude Oil Price Dips" loading="lazy" width="2000" height="1099" srcset="https://fxopen.com/blog/en/content/images/size/w600/2023/09/oil–5-.png 600w, https://fxopen.com/blog/en/content/images/size/w1000/2023/09/oil–5-.png 1000w, https://fxopen.com/blog/en/content/images/size/w1600/2023/09/oil–5-.png 1600w, https://fxopen.com/blog/en/content/images/size/w2400/2023/09/oil–5-.png 2400w" sizes="(min-width: 720px) 720px" /></figure><p>Finally, it tested the 50% Fib retracement level of the upward move from the $87.71 swing low to the $93.93 high. Immediate support is near the $90.50 level.</p><p>The next major support on the WTI crude oil chart is near $89.20 or the 76.4% Fib retracement level of the upward move from the $87.71 swing low to the $93.93 high. If there is a downside break, the price might decline toward $89.20. Any more losses may perhaps open the doors for a move toward the $87.80 support zone.</p><p>On the upside, immediate resistance is near the 50-hour simple moving average at $92.00. The next key resistance is near $92.40. If the price climbs further higher, it could face resistance near $93.20. Any more gains might send the price toward the $94.00 level.</p>