Home Forex trading Gold Worth Turns Purple, Crude Oil Worth Faces Hurdle – Analytics &...

Gold Worth Turns Purple, Crude Oil Worth Faces Hurdle – Analytics & Forecasts – 8 July 2022

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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



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