Market Analysis: Gold Climbs Higher Amid Market Optimism
Gold price started a fresh increase above the $3,350 resistance level.
Important Takeaways for Gold Price Analysis Today
- The gold price started a fresh surge and traded above $3,330.
- A key bullish trend line is forming with support at $3,350 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 near the $3,280 zone. The price started a steady increase above the $3,330 and $3,350 resistance levels.
There was a decent move above the 50-hour simple moving average and $3,360. The bulls pushed the price above the $3,365 resistance zone. A high was formed near $3,373 and the price is now consolidating.
On the downside, immediate support is near the $3,350 level and the 23.6% Fib retracement level of the upward move from the $3,282 swing low to the $3,373 high.
Besides, there is a key bullish trend line forming with support at $3,350. The next major support sits at $3,330 and the 50% Fib retracement level.
A downside break below the $3,330 support might send the price toward $3,300. Any more losses might send the price toward the $3,280 support zone.
Immediate resistance is near the $3,370 level. The next major resistance is near $3,380. An upside break above $3,380 could send Gold price toward $3,400. Any more gains may perhaps set the pace for an increase toward the $3,420 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 $3,350 resistance level.
Important Takeaways for Gold Price Analysis Today
- The gold price started a fresh surge and traded above $3,330.
- A key bullish trend line is forming with support at $3,350 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 near the $3,280 zone. The price started a steady increase above the $3,330 and $3,350 resistance levels.
There was a decent move above the 50-hour simple moving average and $3,360. The bulls pushed the price above the $3,365 resistance zone. A high was formed near $3,373 and the price is now consolidating.
On the downside, immediate support is near the $3,350 level and the 23.6% Fib retracement level of the upward move from the $3,282 swing low to the $3,373 high.
Besides, there is a key bullish trend line forming with support at $3,350. The next major support sits at $3,330 and the 50% Fib retracement level.
A downside break below the $3,330 support might send the price toward $3,300. Any more losses might send the price toward the $3,280 support zone.
Immediate resistance is near the $3,370 level. The next major resistance is near $3,380. An upside break above $3,380 could send Gold price toward $3,400. Any more gains may perhaps set the pace for an increase toward the $3,420 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.