Market Analysis: Gold Price Rallies Toward $2K While Crude Oil Price Takes Hit

<img src="https://fxopen.com/blog/en/content/images/2023/10/gold.jpg" alt="Market Analysis: Gold Price Rallies Toward $2K While Crude Oil Price Takes Hit" /><p><em>Gold price surged above the $1,960 resistance during the Israel-Hamas war escalated. Crude oil price struggled and declined below the $85.75 support.</em></p><h2>Important Takeaways for Gold and Oil Prices Analysis Today</h2><p>· Gold price started a steady increase from the $1,974 zone against the US Dollar.</p><p>· A key bullish trend line is forming with support near $1,982 on the hourly chart of gold at FXOpen.</p><p>· Crude oil prices failed to clear the $89.50 region and started a fresh decline.</p><p>· There is a connecting bearish trend line forming with resistance near $83.70 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 $1,940 zone. The price remained in bullish zone and started a strong increase above $1,960 during the Israel-Hamas war.</p><p>There was a decent move above the 50-hour simple moving average. The bulls pushed the price above the $1,974 and $1,982 resistance levels. Finally, the price tested the $1,995 zone before the bears appeared.</p><figure><img src="https://fxopen.com/blog/en/content/images/2023/10/gold–1-.png" alt="Market Analysis: Gold Price Rallies Toward $2K While Crude Oil Price Takes Hit" loading="lazy" width="2000" height="1099" srcset="https://fxopen.com/blog/en/content/images/size/w600/2023/10/gold–1-.png 600w, https://fxopen.com/blog/en/content/images/size/w1000/2023/10/gold–1-.png 1000w, https://fxopen.com/blog/en/content/images/size/w1600/2023/10/gold–1-.png 1600w, https://fxopen.com/blog/en/content/images/size/w2400/2023/10/gold–1-.png 2400w" sizes="(min-width: 720px) 720px" /></figure><p>There was a minor downside correction below $1,980 and the RSI dipped below 50. There was a move below the 23.6% Fib retracement level of the upward move from the $1,953 swing low to the $1,993 high.</p><p>The price remained strong above the 50-hour simple moving average and the 50% Fib retracement level of the upward move from the $1,953 swing low to the $1,993 high.</p><p>There is also a key bullish trend line forming with support near $1,982. Initial support on the downside is near $1,982 and the 50-hour simple moving average. The first major support is near the $1,974 zone. If there is a downside break below the $1,974 support, the price might decline further. In the stated case, the price might drop toward the $1,960 support.</p><p>Immediate resistance is near the $1,995 level. The next major resistance is near the $2,000 level. An upside break above the $2,000 resistance could send Gold price toward $2,020. Any more gains may perhaps set the pace for an increase toward the $2,050 level.</p><h2>Oil Price Technical Analysis</h2><p>On the hourly chart of WTI Crude Oil at FXOpen, the price struggled to clear the $89.50 resistance zone against the US Dollar. The price started a fresh decline below the $87.80 support.</p><p>There was a steady decline below the $85.75 support and the 50-hour simple moving average. Finally, the price declined below the $82.80 support before the bulls appeared. A low is formed near $81.90 and the price is now recovering above the 50-hour simple moving average.</p><figure><img src="https://fxopen.com/blog/en/content/images/2023/10/oil–1-.png" alt="Market Analysis: Gold Price Rallies Toward $2K While Crude Oil Price Takes Hit" loading="lazy" width="2000" height="1099" srcset="https://fxopen.com/blog/en/content/images/size/w600/2023/10/oil–1-.png 600w, https://fxopen.com/blog/en/content/images/size/w1000/2023/10/oil–1-.png 1000w, https://fxopen.com/blog/en/content/images/size/w1600/2023/10/oil–1-.png 1600w, https://fxopen.com/blog/en/content/images/size/w2400/2023/10/oil–1-.png 2400w" sizes="(min-width: 720px) 720px" /></figure><p>It is now consolidating above the 23.6% Fib retracement level of the downward move from the $89.61 swing high to the $81.86 low, and the RSI moved above 50. If there is a fresh increase, it could face resistance near $83.70 and a connecting trend line.</p><p>The first major resistance is near the 50% Fib retracement level of the downward move from the $89.61 swing high to the $81.86 low at $85.75. Any more gains might send the price toward the $87.80 level.</p><p>Conversely, the price might continue to move down and revisit the $82.80 support. The next major support on the WTI crude oil chart is $81.90. If there is a downside break, the price might decline toward $80.00. Any more losses may perhaps open the doors for a move toward the $78.50 support zone.</p>