Gold Price Recovers
Gold price is attempting a recovery wave above the $1,820 resistance.
· Gold price started a recovery wave above the $1,820 resistance against the US Dollar.
· A key bearish trend line is forming with resistance near $1,832 on the hourly chart of gold.
Gold Price Technical Analysis
Gold price formed a base above the $1,810 support zone against the US Dollar. The price started a decent increase and was able to clear the $1,820 resistance zone.
The bulls were able to push the price above the 38.2% Fib retracement level of the downward move from the $1,858 swing high to $1,809 low (formed on FXOpen). The price is now trading above the $1,820 level and the 50 hourly simple moving average.
Gold Price Hourly Chart
It is now facing resistance near the $1,835 zone. There is also a key bearish trend line is forming with resistance near $1,832 on the hourly chart of gold.
The trend line is near the 50% Fib retracement level of the downward move from the $1,858 swing high to $1,809 low. The next key hurdle is near the $1,840 level.
A clear upside break above the $1,840 resistance could send the price towards $1,850. If there is no upside break, the price might correct lower.
An immediate support on the downside is near the $1,820 level. The next major support is near the $1,810 level, below which there is a risk of a larger decline. In the stated case, the price could decline sharply towards the $1,800 support zone.
Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.
· Gold price started a recovery wave above the $1,820 resistance against the US Dollar.
· A key bearish trend line is forming with resistance near $1,832 on the hourly chart of gold.
Gold Price Technical Analysis
Gold price formed a base above the $1,810 support zone against the US Dollar. The price started a decent increase and was able to clear the $1,820 resistance zone.
The bulls were able to push the price above the 38.2% Fib retracement level of the downward move from the $1,858 swing high to $1,809 low (formed on FXOpen). The price is now trading above the $1,820 level and the 50 hourly simple moving average.
Gold Price Hourly Chart
It is now facing resistance near the $1,835 zone. There is also a key bearish trend line is forming with resistance near $1,832 on the hourly chart of gold.
The trend line is near the 50% Fib retracement level of the downward move from the $1,858 swing high to $1,809 low. The next key hurdle is near the $1,840 level.
A clear upside break above the $1,840 resistance could send the price towards $1,850. If there is no upside break, the price might correct lower.
An immediate support on the downside is near the $1,820 level. The next major support is near the $1,810 level, below which there is a risk of a larger decline. In the stated case, the price could decline sharply towards the $1,800 support zone.
Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.
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