Gold Price and Crude Oil Price Could Start Fresh Increase

Gold price is trading in a positive zone above the $1,850 support. Crude oil price must clear $80.00 to start a fresh increase in the near term.

Important Takeaways for Gold and Oil

· Gold price started a decent increase above the $1,850 resistance against the US Dollar.

· There is a key contracting triangle forming with resistance near $1,865 on the hourly chart of gold.

· Crude oil price corrected lower below $80.00 and tested the $76.50 zone.

· There was a break above a key bearish trend line with resistance near $78.50 on the hourly chart of XTI/USD.

Gold Price Technical Analysis

Gold price started a fresh increase above the $1,820 resistance level against the US Dollar. The price gained pace and it was able to settle above the $1,842 resistance zone.

The price even settled above the $1,850 level and the 50 hourly simple moving average. Finally, there was a break above the $1,870 level. A high was formed near $1,877 on FXOpen and the price corrected lower. There was a break below the $1,865 level, but the bulls remained active near $1,850....More  info:  blog  FXOpen