Gold Price Targets Fresh Gains
Gold price started a fresh increase above the $3,210 resistance level.
Important Takeaways for Gold Price Analysis Today
- Gold price started a steady increase from the $3,120 zone against the US Dollar.
- A connecting bullish trend line is forming with support at $3,210 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 $3,120 zone. The price formed a base and started a fresh increase above the $3,150 level.
The bulls cleared the $3,200 zone and the 50-hour simple moving average. There was also a spike above the 50% Fib retracement level of the downward move from the $3,347 swing high to the $3,120 low. The RSI is now above 50 and the price could aim for more gains.
Immediate resistance is near the 61.8% Fib retracement level of the downward move from the $3,347 swing high to the $3,120 low at $3,260.
The next major resistance is near the $3,295 level. An upside break above the $3,295 resistance could send Gold price toward $3,350. Any more gains may perhaps set the pace for an increase toward the $3,385 level.
Initial support on the downside is near the $3,210 zone. There is also a connecting bullish trend line forming with support at $3,210. If there is a downside break below the $3,210 support, the price might decline further.
In the stated case, the price might drop toward the $3,155 support. The next major support sits at $3,120. Any more losses might send the price toward the $3,060 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 fresh increase above the $3,210 resistance level.
Important Takeaways for Gold Price Analysis Today
- Gold price started a steady increase from the $3,120 zone against the US Dollar.
- A connecting bullish trend line is forming with support at $3,210 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 $3,120 zone. The price formed a base and started a fresh increase above the $3,150 level.
The bulls cleared the $3,200 zone and the 50-hour simple moving average. There was also a spike above the 50% Fib retracement level of the downward move from the $3,347 swing high to the $3,120 low. The RSI is now above 50 and the price could aim for more gains.
Immediate resistance is near the 61.8% Fib retracement level of the downward move from the $3,347 swing high to the $3,120 low at $3,260.
The next major resistance is near the $3,295 level. An upside break above the $3,295 resistance could send Gold price toward $3,350. Any more gains may perhaps set the pace for an increase toward the $3,385 level.
Initial support on the downside is near the $3,210 zone. There is also a connecting bullish trend line forming with support at $3,210. If there is a downside break below the $3,210 support, the price might decline further.
In the stated case, the price might drop toward the $3,155 support. The next major support sits at $3,120. Any more losses might send the price toward the $3,060 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.
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.