Market Analysis: Gold Prices Signal More Upsides
Market Analysis: Gold Prices Signal More Upsides
Gold price started a fresh increase above the $2,500 resistance level.
Important Takeaways for Gold Price Analysis Today
- Gold price started a steady increase from the $2,470 zone against the US Dollar.
- A connecting bullish trend line is forming with support near $2,505 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 $2,470 zone. The price started a steady increase above the $2,490 and $2,500 resistance levels.
There was a decent move above the 50-hour simple moving average and $2,515. The bulls pushed the price above the $2,320 resistance zone. Finally, the bears appeared near $2,525. A high was formed near $2,526 and the price is now consolidating gains.
The price dipped a few points below the 23.6% Fib retracement level of the upward move from the $2,470 swing low to the $2,526 high. The RSI is now below 50 and the price is now approaching a connecting bullish trend line with support near $2,505.
If there is a downside break below the $2,505 support, the price might decline further. In the stated case, the price might drop toward the $2,490 support or the 61.8% Fib retracement level of the upward move from the $2,470 swing low to the $2,526 high. The next major support sits at $2,470.
Immediate resistance is near the $2,518 level. The next major resistance is near the $2,525 level. An upside break above the $2,525 resistance could send Gold price toward $2,540. Any more gains may perhaps set the pace for an increase toward the $2,550 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 $2,500 resistance level.
Important Takeaways for Gold Price Analysis Today
- Gold price started a steady increase from the $2,470 zone against the US Dollar.
- A connecting bullish trend line is forming with support near $2,505 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 $2,470 zone. The price started a steady increase above the $2,490 and $2,500 resistance levels.
There was a decent move above the 50-hour simple moving average and $2,515. The bulls pushed the price above the $2,320 resistance zone. Finally, the bears appeared near $2,525. A high was formed near $2,526 and the price is now consolidating gains.
The price dipped a few points below the 23.6% Fib retracement level of the upward move from the $2,470 swing low to the $2,526 high. The RSI is now below 50 and the price is now approaching a connecting bullish trend line with support near $2,505.
If there is a downside break below the $2,505 support, the price might decline further. In the stated case, the price might drop toward the $2,490 support or the 61.8% Fib retracement level of the upward move from the $2,470 swing low to the $2,526 high. The next major support sits at $2,470.
Immediate resistance is near the $2,518 level. The next major resistance is near the $2,525 level. An upside break above the $2,525 resistance could send Gold price toward $2,540. Any more gains may perhaps set the pace for an increase toward the $2,550 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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