Market Analysis: Gold Price Dips From $2K While Crude Oil Price Recovers

<img src="https://images.unsplash.com/photo-1624365168968-e044f2fdf72f?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wxMTc3M3wwfDF8c2VhcmNofDMwfHxnb2xkfGVufDB8fHx8MTcwMDgxMjgyN3ww&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=2000" alt="Market Analysis: Gold Price Dips From $2K While Crude Oil Price Recovers" /><p><em>Gold price surged toward the $2,000 zone before the bears appeared. Crude oil price is attempting a recovery wave above the $75.00 zone.</em></p><h2>Important Takeaways for Gold and Oil Prices Analysis Today</h2><p>· Gold price started a steady increase from the $1,965 zone against the US Dollar.</p><p>· A key bearish trend line is forming with resistance at $1,995 on the hourly chart of gold at FXOpen.</p><p>· Crude oil prices started a decent recovery wave from the $73.80 support.</p><p>· There is a connecting bearish trend line forming with resistance near $77.00 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 found support near the $1,965 zone. The price remained in a bullish zone and started a strong increase above $1,985.</p><p>There was a decent move above the 50-hour simple moving average. The bulls pushed the price above the $1,985 and $1,995 resistance levels. Finally, the price tested the $2,005 zone before the bears appeared.</p><figure><img src="https://fxopen.com/blog/en/content/images/2023/11/gold-1-.png" alt="Market Analysis: Gold Price Dips From $2K While Crude Oil Price Recovers" loading="lazy" width="2000" height="1099" srcset="https://fxopen.com/blog/en/content/images/size/w600/2023/11/gold-1-.png 600w, https://fxopen.com/blog/en/content/images/size/w1000/2023/11/gold-1-.png 1000w, https://fxopen.com/blog/en/content/images/size/w1600/2023/11/gold-1-.png 1600w, https://fxopen.com/blog/en/content/images/size/w2400/2023/11/gold-1-.png 2400w" sizes="(min-width: 720px) 720px" /></figure><p>There was a minor downside correction below $2,000 and the RSI dipped below 50. There was a move below the 23.6% Fib retracement level of the upward move from the $1,965 swing low to the $2,007 high.</p><p>Initial support on the downside is near the 50% Fib retracement level of the upward move from the $1,965 swing low to the $2,007 high at $1,985. The first major support is near the $1,975 zone.</p><p>If there is a downside break below the $1,975 support, the price might decline further. In the stated case, the price might drop toward the $1,965 support.</p><p>Immediate resistance is near a key bearish trend line at $1,995 and the 50-hour simple moving average. The next major resistance is near the $2,005 level. An upside break above the $2,005 resistance could send Gold price toward $2,020. Any more gains may perhaps set the pace for an increase toward the $2,032 level.</p><h2>Oil Price Technical Analysis</h2><p>On the hourly chart of WTI Crude Oil at FXOpen, the price found support near the $73.80 zone against the US Dollar. The price formed a base and started a recovery wave above $74.50.</p><p>The bulls were able to push the price above the 50% Fib retracement level of the downward move from the $78.44 swing high to the $73.81 low. The hourly RSI is back above the 50 level, but the price is struggling near the 50-hour simple moving average.</p><figure><img src="https://fxopen.com/blog/en/content/images/2023/11/oil-1-.png" alt="Market Analysis: Gold Price Dips From $2K While Crude Oil Price Recovers" loading="lazy" width="2000" height="1099" srcset="https://fxopen.com/blog/en/content/images/size/w600/2023/11/oil-1-.png 600w, https://fxopen.com/blog/en/content/images/size/w1000/2023/11/oil-1-.png 1000w, https://fxopen.com/blog/en/content/images/size/w1600/2023/11/oil-1-.png 1600w, https://fxopen.com/blog/en/content/images/size/w2400/2023/11/oil-1-.png 2400w" sizes="(min-width: 720px) 720px" /></figure><p>There is also a connecting bearish trend line forming with resistance near $77.00. It is close to the 61.8% Fib retracement level of the downward move from the $78.44 swing high to the $73.81 low.</p><p>A clear move above the trend line resistance could send the price toward the $78.40 resistance. Any more gains might send the price toward the $80.00 level.</p><p>Conversely, the price might start a fresh decline from the $77.00 resistance. Immediate support sits near the $76.10 level. The next major support on the WTI crude oil chart is $73.80.</p><p>If there is a downside break, the price might decline toward $72.35. Any more losses may perhaps open the doors for a move toward the $70.00 support zone.</p>