Market Analysis: Gold Price Correct Recent Gains
Market Analysis: Gold Price Correct Recent Gains
Gold price started a downside correction from $2,485.
Important Takeaways for Gold Prices Analysis Today
- Gold price climbed higher toward the $2,485 zone before there was a pullback against the US Dollar.
- A key bearish trend line is forming with resistance near $2,450 on the hourly chart of gold at FXOpen.
Gold Price Technical Analysis
On the hourly chart of Gold at FXOpen, the price rallied heavily above the $2,425 resistance. The price even spiked above $2,480 before the bears appeared.
A high was formed near $2,483 before there was a downside correction. There was a move below the $2,465 support level. The bears even pushed the price below the $2,450 support and the 50-hour simple moving average.
The price declined below the 50% Fib retracement level of the upward move from the $2,391 swing low to the $2,483 high. If the bears remain in action, the price might decline further.
Initial support on the downside is near the $2,425 level. It is near the 61.8% Fib retracement level of the upward move from the $2,391 swing low to the $2,483 high. The first major support is near the $2,410 level.
If there is a downside break below the $2,410 support, the price might decline further. In the stated case, the price might drop toward the $2,390 support.
On the upside, there is a key bearish trend line forming with resistance near $2,450 and the 50-hour simple moving average. The next major resistance is near the $2,485 level. The main resistance could be $2,500, above which the price could test the $2,520 resistance. The next major resistance is $2,550.
An upside break above the $2,550 resistance could send Gold price toward $2,580. Any more gains may perhaps set the pace for an increase toward the $2,600 level.
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 downside correction from $2,485.
Important Takeaways for Gold Prices Analysis Today
- Gold price climbed higher toward the $2,485 zone before there was a pullback against the US Dollar.
- A key bearish trend line is forming with resistance near $2,450 on the hourly chart of gold at FXOpen.
Gold Price Technical Analysis
On the hourly chart of Gold at FXOpen, the price rallied heavily above the $2,425 resistance. The price even spiked above $2,480 before the bears appeared.
A high was formed near $2,483 before there was a downside correction. There was a move below the $2,465 support level. The bears even pushed the price below the $2,450 support and the 50-hour simple moving average.
The price declined below the 50% Fib retracement level of the upward move from the $2,391 swing low to the $2,483 high. If the bears remain in action, the price might decline further.
Initial support on the downside is near the $2,425 level. It is near the 61.8% Fib retracement level of the upward move from the $2,391 swing low to the $2,483 high. The first major support is near the $2,410 level.
If there is a downside break below the $2,410 support, the price might decline further. In the stated case, the price might drop toward the $2,390 support.
On the upside, there is a key bearish trend line forming with resistance near $2,450 and the 50-hour simple moving average. The next major resistance is near the $2,485 level. The main resistance could be $2,500, above which the price could test the $2,520 resistance. The next major resistance is $2,550.
An upside break above the $2,550 resistance could send Gold price toward $2,580. Any more gains may perhaps set the pace for an increase toward the $2,600 level.
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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