Gold Price Face Key Hurdles
Gold price is struggling to gain momentum above the 
2,003 resistance.
Important Takeaways for Gold
· Gold price seems to be trading in a range below the2,010 resistance against the US Dollar.
· A key bullish trend line is forming with support near
1,982 on the hourly chart of gold at FXOpen.
Gold Price Technical Analysis
On the hourly chart of Gold at FXOpen, the price formed a base above the1,976 support zone. The price started a decent increase and was able to clear the 2,003 resistance zone.
However, the bears were active near the2,010 resistance. There were more than two attempts to clear the 2,010 resistance but the bulls failed. It reacted to the downside and retested the 1,976 support.
The price is now rising and trading near the 50% Fib retracement level of the recent decline from the2,003 swing high to the 1,974 low. Initial support on the downside is near a key bullish trend line at 1,982.
The first major support is near the1,976 level. The main support sits near the 1,971 level. If there is a downside break below the 1,971 support, the price might decline heavily.
The next major support is near1,960, below which the bulls could aim for a test of 1,950. On the upside, the bulls are facing resistance near the 50-hour simple moving average at 1,992. It coincides with the 61.8% Fib retracement level of the recent decline from the 2,003 swing high to the 1,974 low.
An upside break above the1,992 resistance could send the price toward 2,003. Any more gains may perhaps set the pace for an increase toward the 2,010 level.
This article represents FXOpen Companies’ opinion only, it should not be construed as an offer, invitation, or recommendation with respect to FXOpen Companies’ products and services or as financial advice.
2,003 resistance.Important Takeaways for Gold
· Gold price seems to be trading in a range below the
2,010 resistance against the US Dollar.· A key bullish trend line is forming with support near
1,982 on the hourly chart of gold at FXOpen.Gold Price Technical Analysis
On the hourly chart of Gold at FXOpen, the price formed a base above the
1,976 support zone. The price started a decent increase and was able to clear the 2,003 resistance zone.However, the bears were active near the
2,010 resistance. There were more than two attempts to clear the 2,010 resistance but the bulls failed. It reacted to the downside and retested the 1,976 support.The price is now rising and trading near the 50% Fib retracement level of the recent decline from the
2,003 swing high to the 1,974 low. Initial support on the downside is near a key bullish trend line at 1,982.The first major support is near the
1,976 level. The main support sits near the 1,971 level. If there is a downside break below the 1,971 support, the price might decline heavily.The next major support is near
1,960, below which the bulls could aim for a test of 1,950. On the upside, the bulls are facing resistance near the 50-hour simple moving average at 1,992. It coincides with the 61.8% Fib retracement level of the recent decline from the 2,003 swing high to the 1,974 low.An upside break above the
1,992 resistance could send the price toward 2,003. Any more gains may perhaps set the pace for an increase toward the 2,010 level.This article represents FXOpen Companies’ opinion only, it should not be construed as an offer, invitation, or recommendation with respect to FXOpen Companies’ products and services or as financial advice.
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