The gold price fell below the $1,785 support area. Crude oil prices are struggling to reach $78, but could correct their gains in the short term.
These are the most important lessons for oil and gold
· Gold price faced resistance near $1,825 and corrected lower against the US Dollar.
· There was a break below a key bullish trend line with support near $1,798 on the hourly chart of gold.
· Crude oil price gained bullish momentum above the $72.00 resistance zone.
· There is a major bullish trend line forming with support near $76.10 on the hourly chart of XTI/USD.
Technical Analysis of Gold Price
The price of gold traded above the $1.810 resistance zone against US Dollar. The price also cleared $1,820 but bears were active at the $1.825 zone.
The price reached a high of $1,824 before it began a new decline. The price fell below the $1.810 and $1.800 support levels. A key bullish trendline was broken with support close to $1,798. This was seen on the hourly charts of gold.
The price settled below $1,785 and the 50 hourly simple movement average. FXOpen saw it trade as low as $1.773 and is currently consolidating its losses. The upside is that the first major resistance is close to the…
