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Gold Price Rallies While Crude Oil Price Takes Hit – Analytics & Forecasts – 5 August 2022

Byadmin

Aug 7, 2022
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Gold price started a fresh increase above the $1,750 resistance zone. Crude oil price is sliding and remains at a risk of more losses below $90.

Important Takeaways for Gold and Oil

· Gold price gained pace after it cleared the $1,750 resistance against the US Dollar.

· Recently, there was a break above a key bearish trend line with resistance near $1,762 on the hourly chart of gold.

· Crude oil price started a fresh decline from the $96.00 and $96.50 resistance levels.

· There is a crucial bearish trend line forming with resistance near $91.20 on the hourly chart of XTI/USD.

Gold Price Technical Analysis

Gold price formed a base above the $1,700 level and started a fresh increase against the US Dollar. The price broke the $1,720 resistance to move into a positive zone.

There was a clear move above the $1,750 resistance and the 50 hourly simple moving average. Besides, there was a break above a key bearish trend line with resistance near $1,762 on the hourly chart of gold…More  info:  blog  FXOpen 

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Image and article originally from www.mql5.com. Read the original article here.