Market Analysis: Gold Prices Soar, More Gains Ahead?
Market Analysis: Gold Prices Soar, More Gains Ahead?
Gold price started a fresh increase above the $2,342 resistance level.
Important Takeaways for Gold Prices Analysis Today
- Gold price started a steady increase from the $2,320 zone against the US Dollar.
- A connecting bullish trend line is forming with support near $2,355 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 formed a base and started a fresh increase above the $2,330 level.
There was a decent move above the 50-hour simple moving average and $2,335. The bulls pushed the price above the $2,355 resistance zone. Finally, the bears appeared near $2,365. A high was formed near $2,364.89 and the price is now consolidating gains.
The price dipped a few points and tested the 23.6% Fib retracement level of the upward move from the $2,319 swing low to the $2,365 high. The RSI is still above 55 and the price could aim for more gains.
Immediate resistance is near the $2,365 level. The next major resistance is near the $2,372 level. An upside break above the $2,372 resistance could send Gold price toward $2,380. Any more gains may perhaps set the pace for an increase toward the $2,400 level.
Initial support on the downside is near the $2,355 zone. There is also a connecting bullish trend line forming with support near $2,355. If there is a downside break below the $2,355 support, the price might decline further.
In the stated case, the price might drop toward the $2,335 support or the 61.8% Fib retracement level of the upward move from the $2,319 swing low to the $2,365 high. The next major support sits at $2,320.
Start trading commodity CFDs with tight spreads. Open your trading account now or learn more about trading commodity CFDs with FXOpen.
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 $2,342 resistance level.
Important Takeaways for Gold Prices Analysis Today
- Gold price started a steady increase from the $2,320 zone against the US Dollar.
- A connecting bullish trend line is forming with support near $2,355 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 formed a base and started a fresh increase above the $2,330 level.
There was a decent move above the 50-hour simple moving average and $2,335. The bulls pushed the price above the $2,355 resistance zone. Finally, the bears appeared near $2,365. A high was formed near $2,364.89 and the price is now consolidating gains.
The price dipped a few points and tested the 23.6% Fib retracement level of the upward move from the $2,319 swing low to the $2,365 high. The RSI is still above 55 and the price could aim for more gains.
Immediate resistance is near the $2,365 level. The next major resistance is near the $2,372 level. An upside break above the $2,372 resistance could send Gold price toward $2,380. Any more gains may perhaps set the pace for an increase toward the $2,400 level.
Initial support on the downside is near the $2,355 zone. There is also a connecting bullish trend line forming with support near $2,355. If there is a downside break below the $2,355 support, the price might decline further.
In the stated case, the price might drop toward the $2,335 support or the 61.8% Fib retracement level of the upward move from the $2,319 swing low to the $2,365 high. The next major support sits at $2,320.
Start trading commodity CFDs with tight spreads. Open your trading account now or learn more about trading commodity CFDs with FXOpen.
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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