Market Analysis: Gold Price Break Record
Market Analysis: Gold Price Break Record
Gold price rallied further and traded to a new all-time high.
Important Takeaways for Gold Price Analysis Today
- Gold price started a steady increase above the $2,880 zone against the US Dollar.
- A major bullish trend line is forming with support at $2,885 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 $2,855 zone. The price remained in a bullish zone and started a strong increase above $2,900.
There was a decent move above the 50-hour simple moving average and $2,920. The bulls pushed the price above the $2,930 and $2,935 resistance levels. Finally, the price climbed as high as $2,940 before there was a pullback.
The price tested the $2,880 zone and is currently rising. There was a move above the 23.6% Fib retracement level of the downside correction from the $2,940 swing high to the $2,878 low, and the RSI is stable above 45.
Immediate resistance is near the $2,910 level and the 50% Fib retracement level of the downside correction from the $2,940 swing high to the $2,878 low.
The next major resistance is near the $2,915 level. An upside break above the $2,915 resistance could send Gold price toward $2,940. Any more gains may perhaps set the pace for an increase toward the $2,950 level.
Initial support on the downside is near a major bullish trend line at $2,885. The first major support is near the $2,878 zone. If there is a downside break below the $2,878 support, the price might decline further.
In the stated case, the price might drop toward the $2,855 zone. Any more losses might push the price toward the $2,840 level.
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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 rallied further and traded to a new all-time high.
Important Takeaways for Gold Price Analysis Today
- Gold price started a steady increase above the $2,880 zone against the US Dollar.
- A major bullish trend line is forming with support at $2,885 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 $2,855 zone. The price remained in a bullish zone and started a strong increase above $2,900.
There was a decent move above the 50-hour simple moving average and $2,920. The bulls pushed the price above the $2,930 and $2,935 resistance levels. Finally, the price climbed as high as $2,940 before there was a pullback.
The price tested the $2,880 zone and is currently rising. There was a move above the 23.6% Fib retracement level of the downside correction from the $2,940 swing high to the $2,878 low, and the RSI is stable above 45.
Immediate resistance is near the $2,910 level and the 50% Fib retracement level of the downside correction from the $2,940 swing high to the $2,878 low.
The next major resistance is near the $2,915 level. An upside break above the $2,915 resistance could send Gold price toward $2,940. Any more gains may perhaps set the pace for an increase toward the $2,950 level.
Initial support on the downside is near a major bullish trend line at $2,885. The first major support is near the $2,878 zone. If there is a downside break below the $2,878 support, the price might decline further.
In the stated case, the price might drop toward the $2,855 zone. Any more losses might push the price toward the $2,840 level.
Trade on TradingView with FXOpen. Consider opening an account and access over 700 markets with tight spreads from 0.0 pips and low commissions from $1.50 per lot.
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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Aviso legal
As informações e publicações não devem ser e não constituem conselhos ou recomendações financeiras, de investimento, de negociação ou de qualquer outro tipo, fornecidas ou endossadas pela TradingView. Leia mais em Termos de uso.