Gold price corrected higher, but it failed to gain momentum above $1,255. Crude oil price started a new downside correction and it could decline towards the $71.00 support.
Important Takeaways for Gold and Oil
Gold price found support around the $1,245 level and recovered against the US Dollar.
There was a break above a major bearish trend line with resistance at $1,251 on the hourly chart of gold.
Crude oil price formed a short-term top at $73.61 and is currently correcting lower.
The Caixin China Manufacturing PMI posted a minor decline from 51.1 to 51.0 in June 2018.
Gold Price Technical Analysis
Gold price was under a lot of pressure recently as it declined below the $1,260 support level against the US Dollar. The price traded as low as $1,246 before forming a support for an upward correction.
It recovered nicely above the $1,250 resistance and the 50% Fib retracement level of the last decline from the $1,259 high to $1,246 low. More importantly, there was a break above a major bearish trend line with resistance at $1,251 on the hourly chart of gold.
Read more: https://blog.fxopen.com/gold-and-crude-oil-prices-remain-at-risk-of-more-declines/