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Gold Price Slides While Crude Oil Price Aims Higher – Analytics & Forecasts – 19 August 2022


Aug 21, 2022
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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…More  info:  blog  FXOpen 

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