Market Analysis: Gold Consolidates
Market Analysis: Gold Consolidates
Gold price is consolidating above the $2,600 support zone.
Important Takeaways for Gold Price Analysis Today
- Gold price started a recovery wave from the $2,610 zone against the US Dollar.
- A key bearish trend line is forming with resistance at $2,650 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 $2,610 zone. The price remained in a bullish zone and started a recovery wave above $2,620.
There was a decent move above the 50-hour simple moving average and $2,635. The bulls pushed the price above the $2,640 zone. Finally, the price climbed as high as $2,650 before the bears appeared. The price is now consolidating below $2,650.
There was a move below the 23.6% Fib retracement level of the upward move from the $2,613 swing low to the $2,650 high, and the RSI is stable above 50.
Initial support on the downside is near $2,632. The first major support is near the $2,628 zone. It is near the 61.8% Fib retracement level of the upward move from the $2,613 swing low to the $2,650 high. If there is a downside break below the $2,628 support, the price might decline further.
In the stated case, the price might drop toward $2,612. Any more losses might push the price toward the $2,600 level. Immediate resistance is near the $2,650 level.
There is also a key bearish trend line forming with resistance at $2,650. The next major resistance is near the $2,655 level. An upside break above the $2,655 resistance could send Gold price toward $2,670. Any more gains may perhaps set the pace for an increase toward the $2,685 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 is consolidating above the $2,600 support zone.
Important Takeaways for Gold Price Analysis Today
- Gold price started a recovery wave from the $2,610 zone against the US Dollar.
- A key bearish trend line is forming with resistance at $2,650 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 $2,610 zone. The price remained in a bullish zone and started a recovery wave above $2,620.
There was a decent move above the 50-hour simple moving average and $2,635. The bulls pushed the price above the $2,640 zone. Finally, the price climbed as high as $2,650 before the bears appeared. The price is now consolidating below $2,650.
There was a move below the 23.6% Fib retracement level of the upward move from the $2,613 swing low to the $2,650 high, and the RSI is stable above 50.
Initial support on the downside is near $2,632. The first major support is near the $2,628 zone. It is near the 61.8% Fib retracement level of the upward move from the $2,613 swing low to the $2,650 high. If there is a downside break below the $2,628 support, the price might decline further.
In the stated case, the price might drop toward $2,612. Any more losses might push the price toward the $2,600 level. Immediate resistance is near the $2,650 level.
There is also a key bearish trend line forming with resistance at $2,650. The next major resistance is near the $2,655 level. An upside break above the $2,655 resistance could send Gold price toward $2,670. Any more gains may perhaps set the pace for an increase toward the $2,685 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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