The gold price increased and traded above the $1780 resistance. Crude oil price has also been rising and may rise further above $82.50.
These are the most important lessons for oil and gold
· Gold price found support near the $1,720 level and started a fresh increase against the US Dollar.
· There is a key bullish trend line forming with support near $1,792 on the hourly chart of gold.
· Crude oil price gained bullish momentum above the $80.00 resistance zone.
· There is a major bullish trend line forming with support near $81.00 on the hourly chart of XTI/USD.
Technical Analysis of Gold Price
The base of gold price was above $1,720 against the US Dollar. The price began a new rise and was able clear the $1.750 and $1.765 resistance levels.
The price moved above the $1780 resistance level and the 50 hourly simple moving mean. FXOpen showed that the price broke through the $1,800 resistance and traded as high at $1,804 Recently, the downside correction was below the $1800 level.
Near the $1,792 mark is immediate support. A key bullish trendline is also in place with support close to $1,792 on gold’s hourly chart.
The trend line is almost at the 23.6% Fib regression…