Market Analysis: Gold Prices Break Record
Gold price rallied further and traded to a new all-time high.
Important Takeaways for Gold Oil Price Analysis Today
- Gold price started a steady increase above the $3,000 zone against the US Dollar.
- A connecting bearish trend line is forming with resistance at $3,028 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 $2,950 zone. The price remained in a bullish zone and started a strong increase above $2,980.
There was a decent move above the 50-hour simple moving average and $3,000. The bulls pushed the price above the $3,015 and $3,030 resistance levels. Finally, the price climbed as high as $3,057 before there was a pullback.
The price tested the $3,000 zone and is currently rising. There was a move above the 23.6% Fib retracement level of the downside correction from the $3,057 swing high to the $2,999 low, and the RSI is stable above 40.
Immediate resistance is near the $3,028 level and the 50% Fib retracement level of the downside correction from the $3,057 swing high to the $2,999 low. There is also a connecting bearish trend line forming with resistance at $3,028.
The next major resistance is near the $3,035 level. An upside break above the $3,035 resistance could send Gold price toward $3,058. Any more gains may perhaps set the pace for an increase toward the $3,080 level.
Initial support on the downside is near the $3,012 level. The first major support is near the $3,000 zone. If there is a downside break below the $3,000 support, the price might decline further.
In the stated case, the price might drop toward the $2,980 zone. Any more losses might push the price toward the $2,965 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 rallied further and traded to a new all-time high.
Important Takeaways for Gold Oil Price Analysis Today
- Gold price started a steady increase above the $3,000 zone against the US Dollar.
- A connecting bearish trend line is forming with resistance at $3,028 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 $2,950 zone. The price remained in a bullish zone and started a strong increase above $2,980.
There was a decent move above the 50-hour simple moving average and $3,000. The bulls pushed the price above the $3,015 and $3,030 resistance levels. Finally, the price climbed as high as $3,057 before there was a pullback.
The price tested the $3,000 zone and is currently rising. There was a move above the 23.6% Fib retracement level of the downside correction from the $3,057 swing high to the $2,999 low, and the RSI is stable above 40.
Immediate resistance is near the $3,028 level and the 50% Fib retracement level of the downside correction from the $3,057 swing high to the $2,999 low. There is also a connecting bearish trend line forming with resistance at $3,028.
The next major resistance is near the $3,035 level. An upside break above the $3,035 resistance could send Gold price toward $3,058. Any more gains may perhaps set the pace for an increase toward the $3,080 level.
Initial support on the downside is near the $3,012 level. The first major support is near the $3,000 zone. If there is a downside break below the $3,000 support, the price might decline further.
In the stated case, the price might drop toward the $2,980 zone. Any more losses might push the price toward the $2,965 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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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.
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.