The gold price started a new decline below the $1,685 support zone. Crude oil prices are also struggling and remain at risk of further losses.
Important foods for gold and oil
· The price of gold began a new decline after it failed to hold above $1,700 against the US dollar.
· There is a key bearish trend line forming with resistance near $1,675 on the gold hourly chart.
· Crude oil price also started a steady decline from the $90.00 area.
· There was a break below a major uptrend line with support near $87.50 on the XTI/USD hourly chart.
Technical analysis of the price of gold
The gold price tried to pick up the pace above the $1,735 level against the US dollar. However, the price failed to hold above $1,720 and a new decline began.
There was a clear move below the $1,700 support zone and the 50-hour simple moving average. The price dropped below the $1,675 level to move into a bearish zone. The decline gained momentum below the $1,670 level…More info: blog FXOpen
