Market Analysis: Gold Price ClimbsMarket Analysis: Gold Price Climbs
Gold price rallied further and traded above the $2,750 resistance.
Important Takeaways for Gold Price Analysis Today
- Gold price started a steady increase from the $2,715 zone against the US Dollar.
- It cleared a connecting bearish trend line with resistance at $2,750 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 $2,715 zone. The price remained in a bullish zone and started a strong increase above $2,730.
There was a decent move above the 50-hour simple moving average and $2,750. The bulls pushed the price above the $2,765 and $2,770 resistance levels. Finally, the price climbed as high as $2,785 before there was a pullback.
The price tested the $2,730 zone and is currently rising. There was a move above the 50% Fib retracement level of the downside correction from the $2,785 swing high to the $2,730 low, and the RSI is stable above 60.
Immediate resistance is near the $2,765 level and the 61.8% Fib retracement level of the downside correction from the $2,785 swing high to the $2,730 low.
The next major resistance is near the $2,772 level. An upside break above the $2,772 resistance could send Gold price toward $2,785. Any more gains may perhaps set the pace for an increase toward the $2,800 level.
Initial support on the downside is near $2,750 and the 50-hour simple moving average. The first major support is near the $2,742 zone. If there is a downside break below the $2,742 support, the price might decline further.
In the stated case, the price might drop toward the $2,730 zone. Any more losses might push the price toward the $2,715 level.
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