UKOIL
XAUUSD
Hi guys , how you doing ? I hope the bests for you all .
as we all know oil price have risen a lot recently as Europe and the world face energy problems and high demand for oil and also gold price has fallen sharply recently due to stronger dollar in the forex market on Monday ...
everything has became a little complicated for me
but now let's take a look at charts of oil and gold together and compare it .
as we can see in the chart , whenever that oil was in a downtrend , gold was starting it's uptrend so they move against , and now oil is kind of really high and in the other side the price of gold is in support zone of 1730 but if the price of oil keeps going higher to the resistance of $86 the gold will probably continue falling to support zone of $1678 which has been a really strong support in the past .
so this is my personal view about oil and gold , and also we need to wait for Federal Reserve to see what's gonna happen to dollar in the markets according to their decisions and speeches .
if the dollar will get stronger , then gold will continue falling to $1678 with a high possibility.
this is just a personal research and analysis and it's not a signal about buying or selling something .
I wish you all success and wellness .
