Gold Price Could Correct Lower, Crude Oil Price Breaks Key Support

Gold price climbed higher and traded above the $1,750 resistance. Crude oil price declined below the $86.00 and $83.80 support levels.

Important Takeaways for Gold and Oil

· Gold price found support near the $1,700 level and started a fresh increase against the US Dollar.

· There was a break below a key bullish trend line with support near $1,772 on the hourly chart of gold.

· Crude oil price gained bearish momentum below the $86.00 support zone.

· There is a major bearish trend line forming with resistance near $84.40 on the hourly chart of XTI/USD.

Gold Price Technical Analysis

Gold price formed a base above the $1,700 level against the US Dollar. The price started a fresh increase and was able to clear the $1,720 and $1,740 resistance levels.

There was a clear move above the $1,750 resistance and the 50 hourly simple moving average. The price even broke the $1,780 level and traded as high as $1,786 on FXOpen. Recently, there was a downside correction below the $1,775 level...More  info:  blog  FXOpen