Market Analysis: Gold Price Regains Strength
Market Analysis: Gold Price Regains Strength
Gold price started another increase and surpassed the $2,440 resistance.
Important Takeaways for Gold Price Analysis Today
- Gold price started a steady increase from the $2,420 zone against the US Dollar.
- A key bullish trend line is forming with support near $2,440 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 $2,320 zone. The price remained in a bullish zone and started a strong increase above $2,400.
There was a decent move above the 50-hour simple moving average and $2,420. The bulls pushed the price above the $2,435 and $2,440 resistance levels. Finally, the price tested the $2,455 zone and the price is now consolidating losses.
The price is showing positive signs above the 23.6% Fib retracement level of the upward move from the $2,369 swing low to the $2,462 high, and the RSI is stable above 50.
Initial support on the downside is near $2,440. There is also a key bullish trend line forming with support near $2,440 and the 50-hour simple moving average. The first major support is near the $2,415 zone. It is close to the 50% Fib retracement level of the upward move from the $2,369 swing low to the $2,462 high.
If there is a downside break below the $2,415 support, the price might decline further. In the stated case, the price might drop toward the $2,390 support.
Immediate resistance is near the $2,445 level. The next major resistance is near the $2,450 level. An upside break above the $2,450 resistance could send Gold price toward $2,460. Any more gains may perhaps set the pace for an increase toward the $2,480 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 another increase and surpassed the $2,440 resistance.
Important Takeaways for Gold Price Analysis Today
- Gold price started a steady increase from the $2,420 zone against the US Dollar.
- A key bullish trend line is forming with support near $2,440 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 $2,320 zone. The price remained in a bullish zone and started a strong increase above $2,400.
There was a decent move above the 50-hour simple moving average and $2,420. The bulls pushed the price above the $2,435 and $2,440 resistance levels. Finally, the price tested the $2,455 zone and the price is now consolidating losses.
The price is showing positive signs above the 23.6% Fib retracement level of the upward move from the $2,369 swing low to the $2,462 high, and the RSI is stable above 50.
Initial support on the downside is near $2,440. There is also a key bullish trend line forming with support near $2,440 and the 50-hour simple moving average. The first major support is near the $2,415 zone. It is close to the 50% Fib retracement level of the upward move from the $2,369 swing low to the $2,462 high.
If there is a downside break below the $2,415 support, the price might decline further. In the stated case, the price might drop toward the $2,390 support.
Immediate resistance is near the $2,445 level. The next major resistance is near the $2,450 level. An upside break above the $2,450 resistance could send Gold price toward $2,460. Any more gains may perhaps set the pace for an increase toward the $2,480 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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