Gold Price Inches Higher
Gold price is rising and trading above the 
2,030 resistance. WTI is consolidating and might aim for a fresh increase above $83.25.
Important Takeaways for Gold and Oil
Gold price started a fresh increase above the2,020 resistance against the US Dollar.
A key bullish trend line is forming with support near2,030 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
1,990 support zone against the US Dollar. The price started a decent increase and was able to clear the 2,000 resistance zone.
The upward move gained pace above the2,020 and 2,030 resistance levels. Finally, the bears appeared near 2,050. A high is formed at 2,048, and the price is now consolidating gains.
Initial support on the downside is near the 23.6% Fib retracement level of the recent increase from the2,001 swing low to the 2,048 high. The first major support is forming near a key bullish trend line at 2,030.
If there is a downside break below the trend line, the price might slide toward the 50-hour simple moving average at2,025. The next major support is near the 61.8% Fib retracement level of the recent increase from the 2,001 swing low to the 2,048 high at 2,020.
On the upside, the bulls are facing resistance near2,048. An upside break above the 2,048 resistance could send the price toward 2,060. Any more gains may perhaps set the pace for an increase toward the 2,080 level.
Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.
2,030 resistance. WTI is consolidating and might aim for a fresh increase above $83.25.Important Takeaways for Gold and Oil
Gold price started a fresh increase above the
2,020 resistance against the US Dollar.A key 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 formed a base above the
1,990 support zone against the US Dollar. The price started a decent increase and was able to clear the 2,000 resistance zone.The upward move gained pace above the
2,020 and 2,030 resistance levels. Finally, the bears appeared near 2,050. A high is formed at 2,048, and the price is now consolidating gains.Initial support on the downside is near the 23.6% Fib retracement level of the recent increase from the
2,001 swing low to the 2,048 high. The first major support is forming near a key bullish trend line at 2,030.If there is a downside break below the trend line, the price might slide toward the 50-hour simple moving average at
2,025. The next major support is near the 61.8% Fib retracement level of the recent increase from the 2,001 swing low to the 2,048 high at 2,020.On the upside, the bulls are facing resistance near
2,048. An upside break above the 2,048 resistance could send the price toward 2,060. Any more gains may perhaps set the pace for an increase toward the 2,080 level.Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.
Disclaimer
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