Market Analysis: Gold Price Target Additional Gains
Market Analysis: Gold Price Target Additional Gains
Gold price started a fresh increase above the $2,618 resistance level.
Important Takeaways for Gold Price Analysis Today
- Gold price started a steady increase from the $2,600 zone against the US Dollar.
- It cleared a key bearish trend line with resistance at $2,630 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 $2,600 zone. The price formed a base and started a fresh increase above the $2,618 level.
The bulls cleared a key bearish trend line with resistance at $2,630 and the 50-hour simple moving average. There was a clear move above the 50% Fib retracement level of the downward move from the $2,670 swing high to the $2,602 low.
The RSI is now well above 60 and the price could aim for more gains. Immediate resistance is near the 76.4% Fib retracement level of the downward move from the $2,670 swing high to the $2,602 low at $2,655.
The next major resistance is near the $2,670 level. An upside break above the $2,670 resistance could send Gold price toward $2,690. Any more gains may perhaps set the pace for an increase toward the $2,700 level.
Initial support on the downside is near the $2,630 zone. If there is a downside break below the $2,630 support, the price might decline further.
In the stated case, the price might drop toward the $2,618 support. The next major support sits at $2,605. Any more losses might send the price toward the $2,585 level.
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 started a fresh increase above the $2,618 resistance level.
Important Takeaways for Gold Price Analysis Today
- Gold price started a steady increase from the $2,600 zone against the US Dollar.
- It cleared a key bearish trend line with resistance at $2,630 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 $2,600 zone. The price formed a base and started a fresh increase above the $2,618 level.
The bulls cleared a key bearish trend line with resistance at $2,630 and the 50-hour simple moving average. There was a clear move above the 50% Fib retracement level of the downward move from the $2,670 swing high to the $2,602 low.
The RSI is now well above 60 and the price could aim for more gains. Immediate resistance is near the 76.4% Fib retracement level of the downward move from the $2,670 swing high to the $2,602 low at $2,655.
The next major resistance is near the $2,670 level. An upside break above the $2,670 resistance could send Gold price toward $2,690. Any more gains may perhaps set the pace for an increase toward the $2,700 level.
Initial support on the downside is near the $2,630 zone. If there is a downside break below the $2,630 support, the price might decline further.
In the stated case, the price might drop toward the $2,618 support. The next major support sits at $2,605. Any more losses might send the price toward the $2,585 level.
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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