Market Analysis: Gold Price Corrects Gains While Crude Oil Price Aims Higher

<h1></h1><img src="https://fxopen.com/blog/en/content/images/2024/01/oil-and-gold–1-.jpg" alt="Market Analysis: Gold Price Corrects Gains While Crude Oil Price Aims Higher" /><p><em>Gold price is correcting lower from the $2,088 resistance. Crude oil price is rising and it could climb further higher toward the $75.90 resistance.</em></p><h2>Important Takeaways for Gold and Oil Prices Analysis Today</h2><ul><li>Gold price failed to clear the $2,088 resistance and corrected lower against the US Dollar.</li><li>A key contracting triangle is forming with support at $2,042 on the hourly chart of gold at FXOpen.</li><li>Crude oil prices are moving higher above the $71.00 resistance zone.</li><li>There is a key bullish trend line forming with support near $72.60 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 was able to climb above the $2,050 resistance. The price even broke the $2,078 level before the bears appeared.</p><p>The price traded as high as $2,088 before there was a downside correction. There was a move below the $2,060 pivot zone. The price settled below the 50-hour simple moving average and RSI dipped below 50. Finally, it tested the $2,030 zone.</p><p>The price is now attempting a recovery wave above the $2,040 level. It climbed above the 23.6% Fib retracement level of the downward move from the $2,078 swing high to the $2,030 low.</p><p>If the bulls remain active, the price could start a fresh increase. Immediate resistance is near the 50-hour simple moving average at $2,046. The next major resistance is near the 50% Fib retracement level of the downward move from the $2,078 swing high to the $2,030 low at $2,055.</p><p>An upside break above the $2,055 resistance could send Gold price toward $2,078. Any more gains may perhaps set the pace for an increase toward the $2,088 level.</p><p>Initial support on the downside is near the $2,042 level. There is also a key contracting triangle forming with support at $2,042. The first major support is $2,030. If there is a downside break below $2,030, the price might decline further. In the stated case, the price might drop toward $2,010.</p><figure><img src="https://lh7-us.googleusercontent.com/2z03FjgQWNeWjp8RSufWtScZwW79V8VLBC7Z3o2_yl1dv9VyCYaZahjTcb3iCF6tLYiAe8ODGqED_hgj7CJ-z5rOqdFUd1qahZs18Pn0KEJh7VOmi2rJ_hm9NMP6G04XW1DNqd_6w3Kv" alt="Market Analysis: Gold Price Corrects Gains While Crude Oil Price Aims Higher" loading="lazy" /></figure><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. The price gained bullish momentum after it broke the $71.00 resistance <a href="https://fxopen.com/blog/en/market-analysis-gold-price-eyes-breakout-crude-oil-price-recovers/"><strong>as mentioned in the previous analysis</strong></a>.</p><p>There was a sustained upward move above the $71.50 and $72.20 levels. The bulls pushed the price above the 50% Fib retracement level of the recent drop from the $74.02 swing high to the $71.14 low.</p><p>It is now trading above the 50-hour simple moving average and the RSI is rising toward 65. Immediate resistance is near the 76.4% Fib retracement level of the recent drop from the $74.02 swing high to the $71.14 low at $73.35.</p><p>If the price climbs further higher, it could face resistance near $74.00. The next major resistance is near the $75.90 level. Any more gains might send the price toward the $78.00 level.</p><p>Conversely, the price might correct gains and retest the 50-hour simple moving average and a connecting bullish trend line at $72.60. The next major support on the WTI crude oil chart is near $71.00.</p><p>If there is a downside break, the price might decline toward $69.40. Any more losses may perhaps open the doors for a move toward the $68.00 support zone.</p><figure><img src="https://lh7-us.googleusercontent.com/9Y3C3QIaS95SiT_qvZnoqdvz7Z5Zc0CxVZ3w7gSRNJsvLnVOTAubewmSedKeUVpr5uKoGkuxkYCCH7uXeJA96r9GBDU3ZAnjkOWHWh5gqyPBX5p3koLAzmEj7wJtobB04prCobvD836L" alt="Market Analysis: Gold Price Corrects Gains While Crude Oil Price Aims Higher" loading="lazy" /></figure>