Market Analysis: Gold Price Hits New High
Market Analysis: Gold Price Hits New High
Gold price surged toward the $2,400 zone and traded to a new all-time high.
Important Takeaways for Gold Price Analysis Today
Gold Price Technical Analysis
On the hourly chart of Gold at FXOpen, the price formed support near the $2,300 zone. The price remained in a bullish zone and started a strong increase above $2,320.
It broke a key bearish trend line with resistance at $2,345. The bulls even pushed the price above the $2,350 level and the 50-hour simple moving average. Finally, it traded to a new all-time high at $2,395.
The price is now consolidating gains near the $2,385 zone and the RSI corrected from 80. Initial support on the downside is near the 23.6% Fib retracement level of the upward move from the $2,319 swing low to the $2,395 high at $2,378.
The first major support is near the $2,350 zone and the 50-hour simple moving average. It is close to the 61.8% Fib retracement level of the upward move from the $2,319 swing low to the $2,395 high.
If there is a downside break below the $2,350 support, the price might decline further. In the stated case, the price might drop toward the $2,325 support.
Immediate resistance is near the $2,395 level. The next major resistance is near the $2,400 level. An upside break above the $2,400 resistance could send Gold price toward $2,420. Any more gains may perhaps set the pace for an increase toward the $2,440 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 surged toward the $2,400 zone and traded to a new all-time high.
Important Takeaways for Gold Price Analysis Today
- Gold price started a strong increase above the $2,350 zone against the US Dollar.
- It broke a key bearish trend line with resistance at $2,345 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 $2,300 zone. The price remained in a bullish zone and started a strong increase above $2,320.
It broke a key bearish trend line with resistance at $2,345. The bulls even pushed the price above the $2,350 level and the 50-hour simple moving average. Finally, it traded to a new all-time high at $2,395.
The price is now consolidating gains near the $2,385 zone and the RSI corrected from 80. Initial support on the downside is near the 23.6% Fib retracement level of the upward move from the $2,319 swing low to the $2,395 high at $2,378.
The first major support is near the $2,350 zone and the 50-hour simple moving average. It is close to the 61.8% Fib retracement level of the upward move from the $2,319 swing low to the $2,395 high.
If there is a downside break below the $2,350 support, the price might decline further. In the stated case, the price might drop toward the $2,325 support.
Immediate resistance is near the $2,395 level. The next major resistance is near the $2,400 level. An upside break above the $2,400 resistance could send Gold price toward $2,420. Any more gains may perhaps set the pace for an increase toward the $2,440 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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