Gold and Crude Oil Buyers Face Uphill Task

Gold price is correcting higher, but it is facing a major resistance near $1,248. Crude oil price is under pressure, and on the upside, there are key resistances near $70.25 and $70.70.
Important Takeaways for Gold and Oil

Gold price declined this week and settled below the $1,250 support against the US Dollar.
There is a crucial bearish trend line formed with resistance near $1,247-48 on the hourly chart of gold.
Crude oil price is likely to face many resistances on the upside like $70.25 and $70.70.
China’s Trade Balance in June 2018 posted a surplus of $41.60B, well above the forecast of $27.61B.

Gold Price Technical Analysis

Gold price remained in a downtrend this week from well above the $1,260 pivot level against the US Dollar. The price declined and broke many supports such as $1,254 and $1,250.

It traded towards the $1,240 level and formed a low near $1,241. It is currently correcting higher and it already moved above the $1,244 resistance. It also broke the 23.6% Fib retracement level of the last decline from the $1,256 high to $1,241 low.

Read more: https://blog.fxopen.com/gold-and-crude-oil-buyers-face-uphill-task/