Gold Price Signal Negative Trend
Gold price is moving lower from the $1,930 resistance.
Important Takeaways for Gold Prices Analysis Today
· Gold price failed to clear the 1,930 resistance and moved lower against the US Dollar.
· A major bearish trend line is forming with resistance near $1,895 on the hourly chart of gold at FXOpen.
Gold Price Technical Analysis
On the hourly chart of Gold at FXOpen, the price struggled to settle above the $1,930 resistance. The price started a fresh decline below the $1,920 pivot level.
The price traded below the $1,900 support and the 50-hour simple moving average. It tested the $1,885 zone. A low is formed near $1,885 and the price is now consolidating losses. It is now testing the 50% Fib retracement level of the downward move from the $1,903 swing high to the $1,885 low.
There is also a major bearish trend line forming with resistance near $1,895 and the 50-hour simple moving average. The next major resistance is near the 76.4% Fib retracement level of the downward move from the $1,903 swing high to the $1,885 low at $1,900.
An upside break above the $1,900 resistance could send Gold price toward $1,910. Any more gains may perhaps set the pace for an increase toward the $1,930 level.
Initial support on the downside is near the $1,885 level. The first major support is near the $1,875 level. If there is a downside break below the $1,875 support, the price might decline further. In the stated case, the price might drop toward the $1,850 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 failed to clear the 1,930 resistance and moved lower against the US Dollar.
· A major bearish trend line is forming with resistance near $1,895 on the hourly chart of gold at FXOpen.
Gold Price Technical Analysis
On the hourly chart of Gold at FXOpen, the price struggled to settle above the $1,930 resistance. The price started a fresh decline below the $1,920 pivot level.
The price traded below the $1,900 support and the 50-hour simple moving average. It tested the $1,885 zone. A low is formed near $1,885 and the price is now consolidating losses. It is now testing the 50% Fib retracement level of the downward move from the $1,903 swing high to the $1,885 low.
There is also a major bearish trend line forming with resistance near $1,895 and the 50-hour simple moving average. The next major resistance is near the 76.4% Fib retracement level of the downward move from the $1,903 swing high to the $1,885 low at $1,900.
An upside break above the $1,900 resistance could send Gold price toward $1,910. Any more gains may perhaps set the pace for an increase toward the $1,930 level.
Initial support on the downside is near the $1,885 level. The first major support is near the $1,875 level. If there is a downside break below the $1,875 support, the price might decline further. In the stated case, the price might drop toward the $1,850 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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