Market Analysis: Gold Price Eyes Breakout
Gold price gained traction and climbed above the $2,030 resistance level.
Important Takeaways for Gold Prices Analysis Today
· Gold price started a decent increase from the $1,975 zone against the US Dollar.
· A connecting bullish trend line is forming with support near $2,030 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 $1,975 zone. The price formed a base and started a fresh increase above the $1,990 level.
There was a decent move above the 50-hour simple moving average. The bulls pushed the price above the $2,030 resistance zone. Finally, the bears appeared near $2,045, A high is formed near $2,046.99 and the price is now consolidating gains.
There was a minor move below the 23.6% Fib retracement level of the upward move from the $2,015 swing low to the $2,046 high. The RSI is still stable above 50 and the price could aim for more gains. Immediate resistance is near the $2,045 level.
The next major resistance is near the $2,050 level. An upside break above the $2,050 resistance could send Gold price toward $2,065. Any more gains may perhaps set the pace for an increase toward the $2,080 level.
Initial support on the downside is near the 50-hour simple moving average or $2,030. There is also a connecting bullish trend line forming with support near $2,030. The trend line is close to the 61.8% Fib retracement level of the upward move from the $2,015 swing low to the $2,046 high.
If there is a downside break below the $2,030 support, the price might decline further. In the stated case, the price might drop toward the $2,008 support.
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.
Important Takeaways for Gold Prices Analysis Today
· Gold price started a decent increase from the $1,975 zone against the US Dollar.
· A connecting bullish trend line is forming with support near $2,030 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 $1,975 zone. The price formed a base and started a fresh increase above the $1,990 level.
There was a decent move above the 50-hour simple moving average. The bulls pushed the price above the $2,030 resistance zone. Finally, the bears appeared near $2,045, A high is formed near $2,046.99 and the price is now consolidating gains.
There was a minor move below the 23.6% Fib retracement level of the upward move from the $2,015 swing low to the $2,046 high. The RSI is still stable above 50 and the price could aim for more gains. Immediate resistance is near the $2,045 level.
The next major resistance is near the $2,050 level. An upside break above the $2,050 resistance could send Gold price toward $2,065. Any more gains may perhaps set the pace for an increase toward the $2,080 level.
Initial support on the downside is near the 50-hour simple moving average or $2,030. There is also a connecting bullish trend line forming with support near $2,030. The trend line is close to the 61.8% Fib retracement level of the upward move from the $2,015 swing low to the $2,046 high.
If there is a downside break below the $2,030 support, the price might decline further. In the stated case, the price might drop toward the $2,008 support.
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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