#Gold Price Started a Major Decline from $1,780 (22 AUGUST 2022)

Posted by Clara Mellor on 06:43 with No comments

Gold price started a major decline from well above the $1,780 level against the US Dollar. The price traded below the $1,760 support to move into a bearish zone.

It settled below the $1,755 level and the 50 hourly simple moving average. It traded as low as $1,745 and is currently showing a lot of bearish signs. On the downside, an initial support is near the $1,745 level.

The next major support is near the $1,740 level, below which the price might decline towards the $1,732 support level in the near term. Any more losses might call for a test of $1,720 on FXOpen.

An immediate resistance on the upside is near the $1,750 level. The first major resistance is near the $1,755 level. The next main resistance could be near the $1,760 level, above which the price could start another steady increase.



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