Gold price started a major decline below the $1,725 support zone. Crude oil price is attempting a fresh increase from the $88.80 support zone.
Important Takeaways for Gold and Oil
· Gold price struggled above $1,740 and declined against the US Dollar.
· Recently, there was a break above a key bearish trend line with resistance near $1,705 on the hourly chart of gold.
· Crude oil price started a downside correction from the $100 and $101 resistance levels.
· There was a break below a major bullish trend line with support near $98.95 on the hourly chart of XTI/USD.
Gold Price Technical Analysis
Gold price struggled to gain pace above the $1,750 resistance zone against the US Dollar. The price started a fresh decline and traded below the $1,725 pivot level.
There was a clear move below the $1,712 support zone and the 50 hourly simple moving average. The price even traded below the $1,700 level and formed a low near $1,680 on FXOpen. It is now correcting losses above the $1,695 level…More info: blog FXOpen