Gold price started a fresh decline below the $1,720 support zone. Crude oil price is also struggling and remains at a risk of more losses.
Important Takeaways for Gold and Oil
· Gold price started a fresh decline after it failed to stay above $1,735 against the US Dollar.
· There is a key bearish trend line forming with resistance near $1,705 on the hourly chart of gold.
· Crude oil price also started a steady decline from the $97.25 zone.
· There was a break below a couple of bullish trend lines with support near $94.80 and $91.90 on the hourly chart of XTI/USD.
Gold Price Technical Analysis
Gold price attempted to gain pace above the $1,760 level against the US Dollar. However, the price failed to stay above $1,750 and started a fresh decline.
There was a clear move below the $1,735 support zone and the 50 hourly simple moving average. The price declined below the $1,720 level to move into a short-term bearish zone. The decline gained pace below the $1,700 level…More info: blog FXOpen