Gold Price Recovers
Gold price is attempting a recovery wave above the $1,820 resistance.
· Gold price started a recovery wave above the $1,820 resistance against the US Dollar.
· A key bearish trend line is forming with resistance near $1,832 on the hourly chart of gold.
Gold Price Technical Analysis
Gold price formed a base above the $1,810 support zone against the US Dollar. The price started a decent increase and was able to clear the $1,820 resistance zone.
The bulls were able to push the price above the 38.2% Fib retracement level of the downward move from the $1,858 swing high to $1,809 low (formed on FXOpen). The price is now trading above the $1,820 level and the 50 hourly simple moving average.
Gold Price Hourly Chart
It is now facing resistance near the $1,835 zone. There is also a key bearish trend line is forming with resistance near $1,832 on the hourly chart of gold.
The trend line is near the 50% Fib retracement level of the downward move from the $1,858 swing high to $1,809 low. The next key hurdle is near the $1,840 level.
A clear upside break above the $1,840 resistance could send the price towards $1,850. If there is no upside break, the price might correct lower.
An immediate support on the downside is near the $1,820 level. The next major support is near the $1,810 level, below which there is a risk of a larger decline. In the stated case, the price could decline sharply towards the $1,800 support zone.
Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.
· Gold price started a recovery wave above the $1,820 resistance against the US Dollar.
· A key bearish trend line is forming with resistance near $1,832 on the hourly chart of gold.
Gold Price Technical Analysis
Gold price formed a base above the $1,810 support zone against the US Dollar. The price started a decent increase and was able to clear the $1,820 resistance zone.
The bulls were able to push the price above the 38.2% Fib retracement level of the downward move from the $1,858 swing high to $1,809 low (formed on FXOpen). The price is now trading above the $1,820 level and the 50 hourly simple moving average.
Gold Price Hourly Chart
It is now facing resistance near the $1,835 zone. There is also a key bearish trend line is forming with resistance near $1,832 on the hourly chart of gold.
The trend line is near the 50% Fib retracement level of the downward move from the $1,858 swing high to $1,809 low. The next key hurdle is near the $1,840 level.
A clear upside break above the $1,840 resistance could send the price towards $1,850. If there is no upside break, the price might correct lower.
An immediate support on the downside is near the $1,820 level. The next major support is near the $1,810 level, below which there is a risk of a larger decline. In the stated case, the price could decline sharply towards the $1,800 support zone.
Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.
Disclaimer
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