Gold Price Drops While Crude Oil Price Aims Fresh Increase

21 October 2022, 21:05

Gold price started a fresh decline and traded below $1,650. Crude oil price is holding the $84.25 support and might start a fresh increase.

Important Takeaways for Gold and Oil

· Gold price failed to surpass $1,680 and started a fresh decline against the US Dollar.

· There is a key bearish trend line forming with resistance near $1,638 on the hourly chart of gold.

· Crude oil price is showing positive signs above the $84.25 support zone.

· There is a major bullish trend line forming with support near $83.80 on the hourly chart of XTI/USD.

Gold Price Technical Analysis

Gold price failed to gain strength for a move above the $1,680 resistance against the US Dollar. The price started a fresh decline and traded below the $1,650 support level.

There was a clear move below the $1,640 support zone and the 50 hourly simple moving average. The price traded as low as $1,622 on FXOpen and recently there was a recovery wave. The price was able to clear the $1,630 resistance zone....More  info:  blog  FXOpen 

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