Gold price trend picks up
Gold prices are currently in an upward trend channel. Although gold prices have experienced some retracements during the upward process, they remain within the upward channel. The recent upward momentum of prices is strong, and the price has not broken through the lower track of the channel, and the upward trend has not been fundamentally damaged.
The current gold price is near the 0.236 retracement level ($2,889.82), which is considered a short-term support area. If the price falls below this support level, gold may fall further to the zero retracement level near $2,864.23, forming a stronger support. On the other hand, if the gold price breaks through the 0.618 retracement level ($2,931.25), it may rise further, with the target pointing to the upper $2,949.47 area.
The MACD indicator shows that the current buying momentum is still strong. The MACD line (blue line) is above the signal line (orange line), and the histogram shows positive momentum. Although the histogram is slightly shortened, the MACD is still biased towards the bulls, which means that the upward momentum of the market still exists.
The current price is around $2,910.07, and there are several key support and resistance areas to watch next:
Support: $2,879.86 (Fibonacci 0 retracement area), and $2,864.23 (Fibonacci 0 retracement area).
Resistance: $2,931.25 (Fibonacci 0.618 retracement level) and $2,949.47 (Fibonacci 0.786 retracement level).
If the price breaks through $2,931.25, gold may test higher levels, even reaching $2,949.47. If the price falls below the $2,879.86 support level, gold may face the risk of further correction.
In summary, at present, the price of gold is still in an upward trend, and the MACD indicator supports the bullish trend. In the short term, the support level of gold is around $2,889.82, while the key resistance level on the upside is around $2,931.25. If gold can break through these resistance levels, it may continue to rise. However, if the gold price falls below the current support area, it may face a deeper correction.
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✔️Real-time analysis of foreign exchange, gold, and Bitcoin
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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.