Will Gold Break Resistance at $2,670?
Hello everyone,
Today, the price of gold (XAUUSD) continues to hold steady around the highs, with the resistance level of $2,670 on the 4-hour chart still intact. Currently, gold is hovering around $2,653, down slightly by 0.14% on the day.
On the technical chart, it is worth noting that the resistance at $2,670 may be under pressure from profit-taking after yesterday's action. The RSI is trending down, although the price is still supported by the 34 and 89 EMAs, with a dynamic support level around $2,610. The rising DOW also suggests that the price of gold will continue to rise without any significant reversal signs. Based on the Fibonacci level, if the rally continues, the next recovery level could be $2,625 (0.618).
New take profit level to watch: 2743
Support level to watch: 2625, 2611
What do you think about this assessment?
Today, the price of gold (XAUUSD) continues to hold steady around the highs, with the resistance level of $2,670 on the 4-hour chart still intact. Currently, gold is hovering around $2,653, down slightly by 0.14% on the day.
On the technical chart, it is worth noting that the resistance at $2,670 may be under pressure from profit-taking after yesterday's action. The RSI is trending down, although the price is still supported by the 34 and 89 EMAs, with a dynamic support level around $2,610. The rising DOW also suggests that the price of gold will continue to rise without any significant reversal signs. Based on the Fibonacci level, if the rally continues, the next recovery level could be $2,625 (0.618).
New take profit level to watch: 2743
Support level to watch: 2625, 2611
What do you think about this assessment?
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