Market Analysis: Gold Rallies To New ATH
Market Analysis: Gold Rallies To New ATH
Gold price started a fresh surge above $2,720.
Important Takeaways for Gold Price Analysis Today
- Gold price started a strong increase from the $2,645 zone against the US Dollar.
- A major bullish trend line is forming with support at $2,735 on the hourly chart of gold at FXOpen.
Gold Price Technical Analysis
On the hourly chart of Gold at FXOpen, the price formed support near the $2,645 zone. The price remained in a bullish zone and started a fresh increase above $2,680.
The bulls even pushed the price above the $2,720 level and the 50-hour simple moving average. Finally, it traded to a new all-time high at $2,748. The price is now consolidating gains near the $2,745 zone and the RSI is above 50.
Initial support on the downside is near a major bullish trend line at $2,735 and the 50-hour simple moving average. The next support sits near the 23.6% Fib retracement level of the upward move from the $2,645 swing low to the $2,748 high at $2,725.
The first major support is near the $2,700 zone or the 50% Fib retracement level of the upward move from the $2,645 swing low to the $2,748 high.
If there is a downside break below the $2,700 support, the price might decline further. In the stated case, the price might drop toward the $2,670 support. Immediate resistance is near the $2,748 level. The next major resistance is near the $2,750 level.
An upside break above the $2,750 resistance could send Gold price toward $2,765. Any more gains may perhaps set the pace for an increase toward the $2,780 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 surge above $2,720.
Important Takeaways for Gold Price Analysis Today
- Gold price started a strong increase from the $2,645 zone against the US Dollar.
- A major bullish trend line is forming with support at $2,735 on the hourly chart of gold at FXOpen.
Gold Price Technical Analysis
On the hourly chart of Gold at FXOpen, the price formed support near the $2,645 zone. The price remained in a bullish zone and started a fresh increase above $2,680.
The bulls even pushed the price above the $2,720 level and the 50-hour simple moving average. Finally, it traded to a new all-time high at $2,748. The price is now consolidating gains near the $2,745 zone and the RSI is above 50.
Initial support on the downside is near a major bullish trend line at $2,735 and the 50-hour simple moving average. The next support sits near the 23.6% Fib retracement level of the upward move from the $2,645 swing low to the $2,748 high at $2,725.
The first major support is near the $2,700 zone or the 50% Fib retracement level of the upward move from the $2,645 swing low to the $2,748 high.
If there is a downside break below the $2,700 support, the price might decline further. In the stated case, the price might drop toward the $2,670 support. Immediate resistance is near the $2,748 level. The next major resistance is near the $2,750 level.
An upside break above the $2,750 resistance could send Gold price toward $2,765. Any more gains may perhaps set the pace for an increase toward the $2,780 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.
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.