Market Analysis: Gold Price Rallies To New ATH
Market Analysis: Gold Price Rallies To New ATH
Gold price started a fresh surge above $2,550.
Important Takeaways for Gold Prices Analysis Today
- Gold price started a strong increase from the $2,500 zone against the US Dollar.
- A major bullish trend line is forming with support at $2,528 on the hourly chart of gold at FXOpen.
Gold Price Technical Analysis
On the hourly chart of Gold at FXOpen, the price formed support near the $2,500 zone. The price remained in a bullish zone and started a fresh increase above $2,520.
The bulls even pushed the price above the $2,550 level and the 50-hour simple moving average. Finally, it traded to a new all-time high at $2,570. The price is now consolidating gains near the $2,570 zone and the RSI is above 75.
Initial support on the downside is near the 23.6% Fib retracement level of the upward move from the $2,501 swing low to the $2,570 high at $2,555.
The first major support is near the $2,535 zone. The main support is near a bullish trend line at $2,528 and the 50-hour simple moving average. It is close to the 61.8% Fib retracement level of the upward move from the $2,501 swing low to the $2,570 high.
If there is a downside break below the $2,528 support, the price might decline further. In the stated case, the price might drop toward the $2,485 support.
Immediate resistance is near the $2,570 level. The next major resistance is near the $2,580 level. An upside break above the $2,580 resistance could send Gold price toward $2,592. Any more gains may perhaps set the pace for an increase toward the $2,600 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 surge above $2,550.
Important Takeaways for Gold Prices Analysis Today
- Gold price started a strong increase from the $2,500 zone against the US Dollar.
- A major bullish trend line is forming with support at $2,528 on the hourly chart of gold at FXOpen.
Gold Price Technical Analysis
On the hourly chart of Gold at FXOpen, the price formed support near the $2,500 zone. The price remained in a bullish zone and started a fresh increase above $2,520.
The bulls even pushed the price above the $2,550 level and the 50-hour simple moving average. Finally, it traded to a new all-time high at $2,570. The price is now consolidating gains near the $2,570 zone and the RSI is above 75.
Initial support on the downside is near the 23.6% Fib retracement level of the upward move from the $2,501 swing low to the $2,570 high at $2,555.
The first major support is near the $2,535 zone. The main support is near a bullish trend line at $2,528 and the 50-hour simple moving average. It is close to the 61.8% Fib retracement level of the upward move from the $2,501 swing low to the $2,570 high.
If there is a downside break below the $2,528 support, the price might decline further. In the stated case, the price might drop toward the $2,485 support.
Immediate resistance is near the $2,570 level. The next major resistance is near the $2,580 level. An upside break above the $2,580 resistance could send Gold price toward $2,592. Any more gains may perhaps set the pace for an increase toward the $2,600 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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