Market Analysis: Gold Price Struggles While Crude Oil Price Aims Higher

<img src="https://images.unsplash.com/photo-1624365169364-0640dd10e180?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wxMTc3M3wwfDF8c2VhcmNofDIwfHxnb2xkJTIwfGVufDB8fHx8MTY4ODcxNTYyMnww&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=2000" alt="Market Analysis: Gold Price Struggles While Crude Oil Price Aims Higher" /><p><em>Gold price is moving lower below the $1,918 support. Crude oil price is rising as the bulls aim for a move above the $72.20 resistance.</em></p><h2>Important Takeaways for Gold and Oil Prices Analysis Today</h2><p>&#xB7; Gold price failed to clear the $1,930 resistance and start a fresh decline against the US Dollar.</p><p>&#xB7; A major bearish trend line is forming with resistance near $1,925 on the hourly chart of gold at FXOpen.</p><p>&#xB7; Crude oil prices are also moving higher above the $71.50 resistance zone.</p><p>&#xB7; There is a key bullish trend line forming with support near $70.50 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 start a fresh increase above the $1,930 resistance. The price started a fresh decline below the $1,918 support.</p><p>There was a close below the 50-hour simple moving average and $1,912. It tested the $1,910 support zone. A low is formed at $1,902.60 and the price is now consolidating losses above the 23.6% Fib retracement level of the downward move from the $1,927 swing high to the $1,902 low.</p><figure><img src="https://fxopen.com/blog/en/content/images/2023/07/gold–4-.png" alt="Market Analysis: Gold Price Struggles While Crude Oil Price Aims Higher" loading="lazy" width="2000" height="1099" srcset="https://fxopen.com/blog/en/content/images/size/w600/2023/07/gold–4-.png 600w, https://fxopen.com/blog/en/content/images/size/w1000/2023/07/gold–4-.png 1000w, https://fxopen.com/blog/en/content/images/size/w1600/2023/07/gold–4-.png 1600w, https://fxopen.com/blog/en/content/images/size/w2400/2023/07/gold–4-.png 2400w" sizes="(min-width: 720px) 720px" /></figure><p>The price is now facing resistance near the $1,912 level. The next major resistance is near the 50-hour simple moving average at $1,918. It is close to the 61.8% Fib retracement level of the downward move from the $1,927 swing high to the $1,902 low.</p><p>The main resistance is near a bearish trend line at $1,925 and then $1,930. An upside break above the $1,930 resistance could send Gold price toward $1,938. Any more gains may perhaps set the pace for an increase toward the $1,950 level.</p><p>Initial support on the downside is near the $1,902 level. The first major support is near the $1,892 level. If there is a downside break below the $1,892 support, the price might decline further. In the stated case, the price might drop toward the $1,880 support.</p><h2>Oil Price Technical Analysis</h2><p>On the hourly chart of WTI Crude Oil at FXOpen, the price remained stable above the $69.50 support against the US Dollar. A base was formed and the price started a decent increase above the $71 level.</p><p>There was a clear move above the 50% Fib retracement level of the downward move from the $72.32 swing high to the $70.23 low. It is now trading above the 50-hour simple moving average and the RSI is rising toward 60.</p><figure><img src="https://fxopen.com/blog/en/content/images/2023/07/oil–2-.png" alt="Market Analysis: Gold Price Struggles While Crude Oil Price Aims Higher" loading="lazy" width="2000" height="1099" srcset="https://fxopen.com/blog/en/content/images/size/w600/2023/07/oil–2-.png 600w, https://fxopen.com/blog/en/content/images/size/w1000/2023/07/oil–2-.png 1000w, https://fxopen.com/blog/en/content/images/size/w1600/2023/07/oil–2-.png 1600w, https://fxopen.com/blog/en/content/images/size/w2400/2023/07/oil–2-.png 2400w" sizes="(min-width: 720px) 720px" /></figure><p>The bulls are showing strength above the 76.4% Fib retracement level of the downward move from the $72.32 swing high to the $70.23 low.</p><p>If the price climbs further higher, it could face resistance near $72.20. The first major resistance is near the $72.50 level. Any more gains might send the price toward the $74.00 level in the coming days.</p><p>Conversely, the price might correct gains and retest the 50-hour simple moving average at $71.50. The next major support on the WTI crude oil chart is near $70.50 and a connecting bullish trend line. If there is a downside break, the price might decline toward $69.50. Any more losses may perhaps open the doors for a move toward the $68.20 support zone.</p>