Gold Price Dives While Crude Oil Price Keeps Struggling

2 September 2022, 19:12

Gold price started a fresh decline below the $1,720 support zone. Crude oil price is also struggling and remains at a risk of more losses.

Important Takeaways for Gold and Oil

· Gold price started a fresh decline after it failed to stay above $1,735 against the US Dollar.

· There is a key bearish trend line forming with resistance near $1,705 on the hourly chart of gold.

· Crude oil price also started a steady decline from the $97.25 zone.

· There was a break below a couple of bullish trend lines with support near $94.80 and $91.90 on the hourly chart of XTI/USD.

Gold Price Technical Analysis

Gold price attempted to gain pace above the $1,760 level against the US Dollar. However, the price failed to stay above $1,750 and started a fresh decline.

There was a clear move below the $1,735 support zone and the 50 hourly simple moving average. The price declined below the $1,720 level to move into a short-term bearish zone. The decline gained pace below the $1,700 level...More  info:  blog  FXOpen