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Gold Price Dives While Crude Oil Price Keeps Struggling

Gold Price Dives While Crude Oil Price Keeps Struggling

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The price of gold started a new decline below the $1,720 support area. The price of crude oil is also in trouble and is still in danger of losing more.

Important takeaways from gold and oil

· The price of gold started a fresh decline after failing to hold above $1,735 against the US dollar.

· A key bearish trendline is forming on Gold’s hourly chart with resistance near $1,705.

· The price of crude oil also began a steady decline from the $97.25 zone.

· The XTI/USD hourly chart had a break below a couple of rising trend lines. Support was near $94.80 and $91.90.

Gold Price Technical Analysis

The price of gold tried to rise above the $1,760 level against the US dollar. However, the price could not stay above $1,750 and started to decline again.

There was a clear move below the $1,735 support area and the 50-hour simple moving average. The price dropped below the $1,720 level to enter a short-term bearish zone. The drop accelerated below the $1,700 level.

Gold price hourly chart

The price went as low as $1,688 and is currently consolidating losses. On the upside, the price faces resistance near the $1,700 level. It is near the 38.2% Fib retracement level of the recent decline from the $1,723 swing high to $1,688.

The main resistance is now forming near the $1,705 level. Gold also has a bearish trendline on its hourly chart with resistance near $1,705.

The trendline is near the 50% Fib retracement level of the recent decline from the $1,723 swing high of $1,688. A close above the $1,705 level could open the door to a steady rally towards $1,720. A clear rally above the $1,720 resistance could send the price towards $1,735.

Immediate support on the downside is near the $1,692 level. The next major support is near the $1,688 level, below which there is a risk of a further decline. In the mentioned case, the price may drop sharply towards the $1,665 support area.

Technical analysis of oil prices

The price of crude oil started a new decline from the resistance zone of $97.25 against the US dollar. The price traded below the $90.00 support zone and entered the bearish zone.

During the decline, there was a break below a few uptrend lines with support near $94.80 and $91.90 on the XTI/USD hourly chart. The price even settled below the $90.00 level and the 50-hour simple moving average.

Oil price hourly chart

Finally, there was a move below the $87 level and the price went as low as $85.75. The price is now recovering losses and there was a small rise above the $87 level.

It is now approaching the $88.50 resistance or the 23.6% Fib retracement level on the decline from the $97.25 swing high to $85.75. The next key resistance is near the $88.80 level and the 50-hour simple moving average.

The main resistance is near the $91.50 level. It is near the 50% Fib retracement level on the downside from the $97.25 swing high to $85.75, above which the price may accelerate higher towards $94.00 or even $95.00.

On the downside, immediate support is near the $87.20 level. The next major support is near the $85.50 level. If the bearish direction comes, the price may drop towards $83.20. More losses could perhaps open the door to a move towards the $80.00 support area.

This forecast represents the opinion of FXOpen Markets Limited only and should not be construed as an offer, invitation or recommendation of FXOpen Markets Limited’s products and services or as financial advice.

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