Gold Spot / U.S. DollarUpdated Gold horizontal adjustment
The price of gold is currently in a steady upward trend. The price rebounded after touching the trend line support several times, indicating that the bulls are strong and the trend line provides important support. As long as the price remains above the trend line, the overall upward trend remains valid.
The hourly line is the Fibonacci retracement level from $2596.51 (low) to $2785.71 (high). The current price is supported near the Fibonacci 0.236 ($2741.06), which provides key support for short-term price corrections. If this support is effectively held, the price may rebound further and challenge the previous high of $2785.71.
If the price falls below the 0.236 retracement level, the next support target may be at 0.382 ($2713.44) and 0.5 ($2691.11). Among them, 0.618 ($2668.79) is usually the key support level for the end of the correction, which deserves close attention.
Resistance and Pattern
The recent high of $2763.59 constitutes a short-term resistance level, while the previous high of $2785.71 is a key level that bulls need to break through. The chart predicts that the price may form a new upward band, with a chance to test these resistance areas. In addition, the price showed signs of rebounding after a short-term correction near $2741.55, which further indicates that the market may be in the upward stage after a shock correction.
From a technical point of view, the price of gold is currently in a bullish dominant pattern. Although it may experience a correction in the short term, the overall trend remains bullish. If the price can stand firmly above $2741, the upward momentum may increase. Investors need to pay attention to the effectiveness of trend line support and the performance of Fibonacci key levels, while paying close attention to the impact of the Fed's policy and the trend of the US dollar on the price of gold.
Trade active
Gold rebounded after testing the support line of 2745. After short-term horizontal consolidation, it was under pressure at the upper line of 2765. The double top of the hourly line fell back.
🔔Level: 5 minutes
✔️Direction: SELL 2760-2762
🚫 SL-2780
📣TP1-2750 TP2-2745 TP-2738
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✔️Real-time analysis of foreign exchange, gold, and Bitcoin
✔️Professional analysis layout
✔️Real-time trading guidance
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.