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Gold Price Strives for More Gains, Crude oil Price Could Recover from Decline

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Positive signs are being seen in gold prices above $1,800. Crude oil prices are struggling to reach $80 and could resume their decline.

The Most Important Things to Remember About Gold and Oil

· Gold price faced resistance near $1,832 and corrected lower against the US Dollar.

· There is a key bullish trend line forming with support near $1,808 on the hourly chart of gold.

· Crude oil price started a fresh decline from the $82.00 resistance zone.

· There was a break below a major bullish trend line with support near $79.75 on the hourly chart of XTI/USD.

Technical Analysis of Gold Price

The gold price attempted to break above the $1.825 resistance zone in relation to the US Dollar. Although the price surpassed the $1830 level, bears were active in the vicinity of the $1832 zone.

A high was reached near $1,833, which triggered a new downtrend. Clear movement was seen below the $1.810 and $1.805 support levels. FXOpen saw the price trade as low at $1,797. Recently, a new rise was initiated.

Gold Price Aims More Gains, Crude Oil Price Could Resume Decline
Hourly Chart of Gold Price

Clear movement was seen above the $1,805 and 50 hourly simple moving average levels. The price even exceeded the 50% Fib retracement level for the downward move of $1,833 swing low to $1,798 swing high.

There is also a bullish…



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