Market Analysis: Gold Price Retreats From Highs and Crude Oil Price Dives

<img src="https://images.unsplash.com/photo-1610375461246-83df859d849d?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wxMTc3M3wwfDF8c2VhcmNofDF8fGdvbGR8ZW58MHx8fHwxNzAxODQ0OTIxfDA&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=2000" alt="Market Analysis: Gold Price Retreats From Highs and Crude Oil Price Dives" /><p><em>Gold price is correcting gains below the $2,050 support. Crude oil prices declined steadily below the $75.90 support and moved into a bearish zone.</em></p><h2>Important Takeaways for Gold and Oil Prices Analysis Today</h2><p>· Gold price rallied to new highs above $2,120 before it corrected lower against the US Dollar.</p><p>· A key bearish trend line is forming with resistance near $2,025 on the hourly chart of gold at FXOpen.</p><p>· Crude oil prices extended downsides below the $75 support zone.</p><p>· A major bearish trend line is forming with resistance near $73.35 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 rallied heavily above the $2,000 resistance. The price even traded to a new high at $2,135 before there was a downside correction.</p><p>There was a move below the $2,072 support level. The bears even pushed the price below the $2,050 support and the 50-hour simple moving average. It tested the $2,010 zone. A low is formed near $2,009.78 and the price is now attempting a fresh increase.</p><figure><img src="https://fxopen.com/blog/en/content/images/2023/12/gold.png" alt="Market Analysis: Gold Price Retreats From Highs and Crude Oil Price Dives" loading="lazy" width="2000" height="1099" srcset="https://fxopen.com/blog/en/content/images/size/w600/2023/12/gold.png 600w, https://fxopen.com/blog/en/content/images/size/w1000/2023/12/gold.png 1000w, https://fxopen.com/blog/en/content/images/size/w1600/2023/12/gold.png 1600w, https://fxopen.com/blog/en/content/images/size/w2400/2023/12/gold.png 2400w" sizes="(min-width: 720px) 720px" /></figure><p>It is now facing resistance near a key bearish trend line at $2,025. The next major resistance is near the 23.6% Fib retracement level of the downward move from the $2,135 swing high to the $2,009 low at $2,040.</p><p>The main resistance could be $2,050, above which the price could test the $2,072 resistance. The next major resistance is $2,135. An upside break above the $2,135 resistance could send Gold price toward $2,220. Any more gains may perhaps set the pace for an increase toward the $2,350 level.</p><p>Initial support on the downside is near the $2,010 level. The first major support is near the $2,000 level. If there is a downside break below the $2,000 support, the price might decline further. In the stated case, the price might drop toward the $1,965 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 $80.00 against the US Dollar. The price formed a short-term top and started a fresh decline below $78.00.</p><p>There was a steady decline below the $75.90 pivot level. The bears even pushed the price below $73.90 and the 50-hour simple moving average. Finally, the price tested the $72.15 zone. A low was formed near $72.14, and the price is now consolidating losses.</p><figure><img src="https://fxopen.com/blog/en/content/images/2023/12/oil.png" alt="Market Analysis: Gold Price Retreats From Highs and Crude Oil Price Dives" loading="lazy" width="2000" height="1099" srcset="https://fxopen.com/blog/en/content/images/size/w600/2023/12/oil.png 600w, https://fxopen.com/blog/en/content/images/size/w1000/2023/12/oil.png 1000w, https://fxopen.com/blog/en/content/images/size/w1600/2023/12/oil.png 1600w, https://fxopen.com/blog/en/content/images/size/w2400/2023/12/oil.png 2400w" sizes="(min-width: 720px) 720px" /></figure><p>Immediate support is near the $72.15 level. The next major support on the WTI crude oil chart is near $71.50. If there is a downside break, the price might decline toward $70.00. Any more losses may perhaps open the doors for a move toward the $68.00 support zone.</p><p>On the upside, immediate resistance is near a major bearish trend line at $73.35. The next resistance is near the 23.6% Fib retracement level of the downward move from the $79.60 swing high to the $72.14 low at $73.90.</p><p>A clear move above the trend line resistance and $73.90 could send the price toward $75.90. It coincides with the 50% Fib retracement level of the downward move from the $79.60 swing high to the $72.14 low.</p><p>The next key resistance is near $79.60. If the price climbs further higher, it could face resistance near $80.00. Any more gains might send the price toward the $82.00 level.</p>