Gold price is attempting a fresh increase above the $1,780 resistance zone. Crude oil price could gain pace if there is a clear move above the $68.00 level.
Important Takeaways for Gold and Oil
· Gold price started a fresh decline from well above the $1,800 zone against the US Dollar.
· There is a key bearish trend line forming with resistance near $1,775 on the hourly chart of gold.
· Crude oil price declined sharply below $72.00 and $70.00 levels.
· There was a break above a major declining channel with resistance near $66.50 on the hourly chart of XTI/USD.
Gold Price Technical Analysis
Gold price started a fresh decline from well above the $1,820 pivot level against the US Dollar. The price declined heavily and it even broke the $1,800 support zone.
The price even settled below the $1,800 level and the 50 hourly simple moving average. Finally, there was a break below the $1,780 support zone. A low was formed near $1,761 on FXOpen and the price is now correcting higher. ....More info: blog FXOpen
