Market Analysis: Gold Price Regains Strength
The gold price started a fresh increase above $2,320.
Important Takeaways for Gold Price Analysis Today
Gold Price Technical Analysis
On the hourly chart of XAU/USD at FXOpen, the price formed support near the $2,275 zone, remained in a bullish zone, and started a strong increase above $2,300.
It broke a key descending channel with resistance at $2,315. The bulls even pushed the price above the $2,345 level and the 50-hour simple moving average. Finally, it traded as high as $2,358. XAU/USD is now consolidating gains near the $2,355 zone, and the RSI is above 70.
Initial support on the downside is near the 23.6% Fib retracement level of the upward move from the $2,307 swing low to the $2,358 high at $2,345.
The first major support is near the $2,335 zone. It is close to the 50% Fib retracement level of the upward move from the $2,307 swing low to the $2,358 high. If there is a downside break below the $2,335 support, the price might decline further. In the stated case, the price might drop toward $2,320 and the 50-hour simple moving average.
Immediate resistance is near the $2,360 level. The next major resistance is near the $2,372 level. An upside break above the $2,372 resistance could send the gold price toward $2,385. Any more gains may perhaps set the pace for an increase toward the $2,400 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.
The gold price started a fresh increase above $2,320.
Important Takeaways for Gold Price Analysis Today
- The gold price started a decent increase from the $2,300 zone against the US Dollar.
- It broke a key descending channel with resistance at $2,315 on the hourly chart of gold at FXOpen.
Gold Price Technical Analysis
On the hourly chart of XAU/USD at FXOpen, the price formed support near the $2,275 zone, remained in a bullish zone, and started a strong increase above $2,300.
It broke a key descending channel with resistance at $2,315. The bulls even pushed the price above the $2,345 level and the 50-hour simple moving average. Finally, it traded as high as $2,358. XAU/USD is now consolidating gains near the $2,355 zone, and the RSI is above 70.
Initial support on the downside is near the 23.6% Fib retracement level of the upward move from the $2,307 swing low to the $2,358 high at $2,345.
The first major support is near the $2,335 zone. It is close to the 50% Fib retracement level of the upward move from the $2,307 swing low to the $2,358 high. If there is a downside break below the $2,335 support, the price might decline further. In the stated case, the price might drop toward $2,320 and the 50-hour simple moving average.
Immediate resistance is near the $2,360 level. The next major resistance is near the $2,372 level. An upside break above the $2,372 resistance could send the gold price toward $2,385. Any more gains may perhaps set the pace for an increase toward the $2,400 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.