Gold price started a fresh decline below the $1,780 support zone. Crude oil price is rising and might aim more gains above the $90 resistance.

Important Takeaways for Gold and Oil

· Gold price started a fresh decline after it failed to stay above $1,800 against the US Dollar.

· There is a key bearish trend line forming with resistance near $1,763 on the hourly chart of gold.

· Crude oil price started a fresh increase from the $85.50 support zone.

· There is a major bullish trend line forming with support near $89.10 on the hourly chart of XTI/USD.

Gold Price Technical Analysis

Gold price attempted to settle above the $1,800 resistance zone against the US Dollar. However, the price failed to stay above $1,800 and started a fresh decline.

There was a clear move below the $1,780 support zone and the 50 hourly simple moving average. The price declined below the $1,765 level to move into a short-term bearish zone. The decline gained pace below the $1,760 level.

The price traded as low as $1,753 and is currently consolidating losses. On the upside, the price is facing resistance near the $1,760 level. It is near the 38.2% Fib retracement level of the downward move from the $1,772 swing high to $1,753 low.

The main resistance is now forming near the $1,765 level. There is also a key bearish trend line forming with resistance near $1,763 on the hourly chart of gold.

The trend line is near the 50% Fib retracement level of the downward move from the $1,772 swing high to $1,753 low. A close above the $1,765 level could open the doors for a steady increase towards $1,780. A clear upside break above the $1,780 resistance could send the price towards $1,800.

An immediate support on the downside is near the $1,752 level. The next major support is near the $1,750 level, below which there is a risk of a larger decline. In the stated case, the price could decline sharply towards the $1,730 support zone.

Oil Price Technical Analysis

Crude oil price started a fresh decline from the $95.00 resistance zone against the US Dollar. The price traded below the $90.00 support zone to move into a bearish zone.

The price even settled below the $90.00 level and the 50 hourly simple moving average. Finally, there was a move below the $88 level and the price traded as low as $85.36. Recently, the bulls took a stand and were able to push the price above the $88 resistance.

There was a move above the $88.50 level and the 50 hourly simple moving average. The price climbed above the 50% Fib retracement level of the downward move from the $94.29 swing high to $85.36 low.

It is now consolidating losses and trading above the $89.00 level. On the upside, the price is facing resistance near the $90.80 level. It is near the 61.8% Fib retracement level of the downward move from the $94.29 swing high to $85.36 low.

The next key resistance is near the $92.20 level, above which the price might accelerate higher towards $94.00 or even $95.00.

On the downside, an immediate support is near the $89.00 level. There is also a major bullish trend line forming with support near $89.10 on the hourly chart of XTI/USD. The next major support is near the $88.20 level. If there is a downside break, the price might decline towards $86.20. Any more losses may perhaps open the doors for a move towards the $85.00 support zone.

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