Gold price started a major decline below the $1,800 support zone. Crude oil price is attempting a recovery wave from the $93.20 zone.
Important Takeaways for Gold and Oil
· Gold price struggled above $1,800 and declined against the US Dollar.
· There is a key bearish trend line forming with resistance near $1,750 on the hourly chart of gold.
· Crude oil price started a downside correction from the $109 and $110 resistance levels.
· There is a major bearish trend line forming with resistance near $100.10 on the hourly chart of XTI/USD.
Gold Price Technical Analysis
Gold price struggled to gain pace above the $1,815 resistance zone against the US Dollar. The price started a fresh decline and traded below the $1,800 pivot level.
There was a clear move below the $1,785 support zone and the 50 hourly simple moving average. The price even traded below the $1,750 level and formed a low near $1,732 on FXOpen. It is now consolidating losses above the $1,730 level…More info: blog FXOpen