Market Analysis: Gold Price Climbs
Market Analysis: Gold Price Climbs
Gold price rallied further and traded above the $2,750 resistance.
Important Takeaways for Gold Price Analysis Today
- Gold price started a steady increase from the $2,715 zone against the US Dollar.
- It cleared a connecting bearish trend line with resistance at $2,750 on the hourly chart of gold at FXOpen.
Gold Price Technical Analysis
On the hourly chart of Gold at FXOpen, the price found support near the $2,715 zone. The price remained in a bullish zone and started a strong increase above $2,730.
There was a decent move above the 50-hour simple moving average and $2,750. The bulls pushed the price above the $2,765 and $2,770 resistance levels. Finally, the price climbed as high as $2,785 before there was a pullback.
The price tested the $2,730 zone and is currently rising. There was a move above the 50% Fib retracement level of the downside correction from the $2,785 swing high to the $2,730 low, and the RSI is stable above 60.
Immediate resistance is near the $2,765 level and the 61.8% Fib retracement level of the downside correction from the $2,785 swing high to the $2,730 low.
The next major resistance is near the $2,772 level. An upside break above the $2,772 resistance could send Gold price toward $2,785. Any more gains may perhaps set the pace for an increase toward the $2,800 level.
Initial support on the downside is near $2,750 and the 50-hour simple moving average. The first major support is near the $2,742 zone. If there is a downside break below the $2,742 support, the price might decline further.
In the stated case, the price might drop toward the $2,730 zone. Any more losses might push the price toward the $2,715 level.
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This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
Gold price rallied further and traded above the $2,750 resistance.
Important Takeaways for Gold Price Analysis Today
- Gold price started a steady increase from the $2,715 zone against the US Dollar.
- It cleared a connecting bearish trend line with resistance at $2,750 on the hourly chart of gold at FXOpen.
Gold Price Technical Analysis
On the hourly chart of Gold at FXOpen, the price found support near the $2,715 zone. The price remained in a bullish zone and started a strong increase above $2,730.
There was a decent move above the 50-hour simple moving average and $2,750. The bulls pushed the price above the $2,765 and $2,770 resistance levels. Finally, the price climbed as high as $2,785 before there was a pullback.
The price tested the $2,730 zone and is currently rising. There was a move above the 50% Fib retracement level of the downside correction from the $2,785 swing high to the $2,730 low, and the RSI is stable above 60.
Immediate resistance is near the $2,765 level and the 61.8% Fib retracement level of the downside correction from the $2,785 swing high to the $2,730 low.
The next major resistance is near the $2,772 level. An upside break above the $2,772 resistance could send Gold price toward $2,785. Any more gains may perhaps set the pace for an increase toward the $2,800 level.
Initial support on the downside is near $2,750 and the 50-hour simple moving average. The first major support is near the $2,742 zone. If there is a downside break below the $2,742 support, the price might decline further.
In the stated case, the price might drop toward the $2,730 zone. Any more losses might push the price toward the $2,715 level.
Trade on TradingView with FXOpen. Consider opening an account and access over 700 markets with tight spreads from 0.0 pips and low commissions from $1.50 per lot.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
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