Market Analysis: Gold Sees Profit-Taking While WTI Crude Tests Key Support
Gold price started a downside correction from $5,115. WTI Crude oil is now attempting to recover after sliding toward $61.80.Important Takeaways for Gold and WTI Crude Oil Prices Analysis Today- Gold price climbed higher toward the $5,120 zone before there was a sharp decline against the US Dollar.
- A key bearish trend line is forming with resistance at $4,945 on the hourly chart of gold at FXOpen.
- WTI Crude oil prices extended losses below the $63.40 pivot zone.
- It dipped below a rising channel with support at $62.85 on the hourly chart of XTI/USD at FXOpen.
Gold Price Technical Analysis
On the hourly chart of Gold at FXOpen, the price climbed above $5,000. The price even spiked above $5,100 before the bears appeared.
A high was formed near $5,115 before there was a fresh decline. The last swing high was near $5,052 before the price settled below $5,000 and the 50-hour simple moving average. It tested the $4,850 zone.
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