Market Analysis: Gold Price Sets New High
Market Analysis: Gold Price Sets New High
Gold price rallied further and traded to a new high above $2,680.
Important Takeaways for Gold Price Analysis Today
- Gold price started a steady increase from the $2,545 zone against the US Dollar.
- A key bullish trend line is forming with support near $2,665 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 $2,545 zone. The price remained in a bullish zone and started a strong increase above $2,600.
There was a decent move above the 50-hour simple moving average and $2,620. The bulls pushed the price above the $2,635 and $2,650 resistance levels. Finally, the price climbed to a new all-time high near the $2,685 level.
The price is now consolidating gains and showing positive signs above the 23.6% Fib retracement level of the upward move from the $2,546 swing low to the $2,685 high, and the RSI is stable above 50.
Initial support on the downside is near $2,665. There is also a key bullish trend line forming with support near $2,665 and the 50-hour simple moving average. The first major support is near the $2,650 zone. If there is a downside break below the $2,650 support, the price might decline further.
In the stated case, the price might drop toward the 50% Fib retracement level of the upward move from the $2,546 swing low to the $2,685 high at $2,615. Any more losses might push the price toward the $2,580 level.
Immediate resistance is near the $2,685 level. The next major resistance is near the $2,700 level. An upside break above the $2,700 resistance could send Gold price toward $2,720. Any more gains may perhaps set the pace for an increase toward the $2,735 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 rallied further and traded to a new high above $2,680.
Important Takeaways for Gold Price Analysis Today
- Gold price started a steady increase from the $2,545 zone against the US Dollar.
- A key bullish trend line is forming with support near $2,665 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 $2,545 zone. The price remained in a bullish zone and started a strong increase above $2,600.
There was a decent move above the 50-hour simple moving average and $2,620. The bulls pushed the price above the $2,635 and $2,650 resistance levels. Finally, the price climbed to a new all-time high near the $2,685 level.
The price is now consolidating gains and showing positive signs above the 23.6% Fib retracement level of the upward move from the $2,546 swing low to the $2,685 high, and the RSI is stable above 50.
Initial support on the downside is near $2,665. There is also a key bullish trend line forming with support near $2,665 and the 50-hour simple moving average. The first major support is near the $2,650 zone. If there is a downside break below the $2,650 support, the price might decline further.
In the stated case, the price might drop toward the 50% Fib retracement level of the upward move from the $2,546 swing low to the $2,685 high at $2,615. Any more losses might push the price toward the $2,580 level.
Immediate resistance is near the $2,685 level. The next major resistance is near the $2,700 level. An upside break above the $2,700 resistance could send Gold price toward $2,720. Any more gains may perhaps set the pace for an increase toward the $2,735 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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