#Commodity: #Gold Price Moved into a Positive Zone above $1,765 (8 AUGUST 2022)

Gold price started a decent increase from the $1,750 zone against the US Dollar. The price traded above the $1,765 resistance to move into a positive zone.

It settled above the $1,780 level and the 50 hourly simple moving average. It traded as high as $1,794 before there was a downside correction. There was a move below the $1,785 level and a connecting bullish trend line.

On the downside, there is a key support near $1,770 on FXOpen. The next major support is near the $1,765 level, below which the price might decline towards the $1,750 support level in the near term.

An immediate resistance on the upside is near the $1,775 level. The first major resistance is near the $1,780 level. The next main resistance could be near the $1,795 level, above which the price could start another steady increase.

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