Gold Stays Flat as WTI Crude Faces Hurdles
Gold price corrected gains, traded below $4,000, and started a consolidation. Crude oil is showing bearish signs and might decline below $58.80.Important Takeaways for Gold and WTI Crude Oil Prices Analysis Today- Gold price started a downside correction below $4,100 and $4,000 against the US Dollar.
- A key bullish trend line is forming with support at $3,985 on the hourly chart of gold at FXOpen.
- Crude oil prices failed to clear the $61.20 region and started a fresh decline.
- There is a bearish trend line forming with resistance at $60.00 on the hourly chart of XTI/USD at FXOpen.
Gold Price Technical Analysis
On the hourly chart of Gold at FXOpen, the price formed a base above $3,915. The price remained in a bullish zone and started an upward move within a range above $3,930.
There was a decent move above the 50-hour simple moving average and $3,975. The bulls pushed the price above the $4,000 and $4,010 resistance levels. A high was formed at $4,019 before the price saw a pullback.
The price dipped below the 23.6% Fib retracement level of the upward move from the $3,928 swing low to the $4,019 high, and the RSI declined below 50. Initial support on the downside is near $3,985, a bullish trend line, and the 50-hour simple moving average.
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