Market Analysis: Gold Dips Further
Gold price started a fresh decline below $3,300.
Important Takeaways for Gold Price Analysis Today
- Gold price climbed higher towards the $3,350 zone before there was a sharp decline against the US Dollar.
- A key bearish trend line is forming with resistance near $3,270 on the hourly chart of gold at FXOpen.
Gold Price Technical Analysis
On the hourly chart of Gold at FXOpen, the price climbed above the $3,250 resistance. The price even spiked above $3,300 before the bears appeared.
A high was formed near $3,352 before there was a fresh decline. There was a move below the $3,300 support level. The bears even pushed the price below the $3,250 support and the 50-hour simple moving average.
It tested the $3,200 zone. A low has formed near $3,203 and the price is now showing bearish signs. There was a minor recovery wave above the 23.6% Fib retracement level of the downward move from the $3,352 swing high to the $3,203 low.
However, the bears are active below $3,270. Immediate resistance is near $3,270. There is also a key bearish trend line forming with resistance near $3,270.
The next major resistance is near the $3,295 zone and the 61.8% Fib retracement level of the downward move from the $3,352 swing high to the $3,203 low. The main resistance could be $3,352, above which the price could test the $3,400 resistance. The next major resistance is $3,500.
An upside break above the $3,500 resistance could send Gold price toward $3,550. Any more gains may perhaps set the pace for an increase toward the $3,620 level.
Initial support on the downside is near the $3,240 level. The first major support is near the $3,225 level. If there is a downside break below the $3,225 support, the price might decline further. In the stated case, the price might drop toward the $3,205 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.
Gold price started a fresh decline below $3,300.
Important Takeaways for Gold Price Analysis Today
- Gold price climbed higher towards the $3,350 zone before there was a sharp decline against the US Dollar.
- A key bearish trend line is forming with resistance near $3,270 on the hourly chart of gold at FXOpen.
Gold Price Technical Analysis
On the hourly chart of Gold at FXOpen, the price climbed above the $3,250 resistance. The price even spiked above $3,300 before the bears appeared.
A high was formed near $3,352 before there was a fresh decline. There was a move below the $3,300 support level. The bears even pushed the price below the $3,250 support and the 50-hour simple moving average.
It tested the $3,200 zone. A low has formed near $3,203 and the price is now showing bearish signs. There was a minor recovery wave above the 23.6% Fib retracement level of the downward move from the $3,352 swing high to the $3,203 low.
However, the bears are active below $3,270. Immediate resistance is near $3,270. There is also a key bearish trend line forming with resistance near $3,270.
The next major resistance is near the $3,295 zone and the 61.8% Fib retracement level of the downward move from the $3,352 swing high to the $3,203 low. The main resistance could be $3,352, above which the price could test the $3,400 resistance. The next major resistance is $3,500.
An upside break above the $3,500 resistance could send Gold price toward $3,550. Any more gains may perhaps set the pace for an increase toward the $3,620 level.
Initial support on the downside is near the $3,240 level. The first major support is near the $3,225 level. If there is a downside break below the $3,225 support, the price might decline further. In the stated case, the price might drop toward the $3,205 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.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.