The gold price is rising 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 on Gold Price
The gold price attempted to break above the $1.825 resistance zone in relation to the US Dollar. The price even crossed the $1830 level. However, bears were active in the $1832 zone.
A high was reached near $1,833 which triggered a fresh drop. 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.
The price moved above the $1.805 level and the 50-hourly simple moving median. The price also exceeded the 50% Fib Retracement level of the downward movement from $1,833 swing high and $1,798 swing lowest.
A key bullish…
