Gold Price Inches Higher
Gold Price Inches Higher
Gold price is rising and trading above the $ 2030 resistance.
Important Takeaways for Gold
Gold price started a fresh increase above the $ 2020 resistance against the US Dollar.
A key bullish trend line is forming with support near $ 2030 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 above the $ 1990 support zone against the US Dollar. The price started a decent increase and was able to clear the $ 2000 resistance zone.
The upward move gained pace above the $ 2020 and $ 2030 resistance levels. Finally, the bears appeared near $ 2050. A high is formed at $ 2048, and the price is now consolidating gains.
Initial support on the downside is near the 23.6% Fib retracement level of the recent increase from the $ 2001 swing low to the $ 2048 high. The first major support is forming near a key bullish trend line at $ 2030.
If there is a downside break below the trend line, the price might slide toward the 50-hour simple moving average at $ 2025. The next major support is near the 61.8% Fib retracement level of the recent increase from the $ 2001 swing low to the $ 2048 high at $ 2020.
On the upside, the bulls are facing resistance near $ 2048. An upside break above the $ 2048 resistance could send the price toward $ 2060. Any more gains may perhaps set the pace for an increase toward the $ 2080 level.
Gold price is rising and trading above the $ 2030 resistance.
Important Takeaways for Gold
Gold price started a fresh increase above the $ 2020 resistance against the US Dollar.
A key bullish trend line is forming with support near $ 2030 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 above the $ 1990 support zone against the US Dollar. The price started a decent increase and was able to clear the $ 2000 resistance zone.
The upward move gained pace above the $ 2020 and $ 2030 resistance levels. Finally, the bears appeared near $ 2050. A high is formed at $ 2048, and the price is now consolidating gains.
Initial support on the downside is near the 23.6% Fib retracement level of the recent increase from the $ 2001 swing low to the $ 2048 high. The first major support is forming near a key bullish trend line at $ 2030.
If there is a downside break below the trend line, the price might slide toward the 50-hour simple moving average at $ 2025. The next major support is near the 61.8% Fib retracement level of the recent increase from the $ 2001 swing low to the $ 2048 high at $ 2020.
On the upside, the bulls are facing resistance near $ 2048. An upside break above the $ 2048 resistance could send the price toward $ 2060. Any more gains may perhaps set the pace for an increase toward the $ 2080 level.
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