Gold price started a fresh decline below the $1,780 support zone. Crude oil price is rising and might aim more gains above the $90 resistance.
Important Takeaways for Gold and Oil
· Gold price started a fresh decline after it failed to stay above $1,800 against the US Dollar.
· There is a key bearish trend line forming with resistance near $1,763 on the hourly chart of gold.
· Crude oil price started a fresh increase from the $85.50 support zone.
· There is a major bullish trend line forming with support near $89.10 on the hourly chart of XTI/USD.
Gold Price Technical Analysis
Gold price attempted to settle above the $1,800 resistance zone against the US Dollar. However, the price failed to stay above $1,800 and started a fresh decline.
There was a clear move below the $1,780 support zone and the 50 hourly simple moving average. The price declined below the $1,765 level to move into a short-term bearish zone. The decline gained pace below the $1,760 level...More info: blog FXOpen