Market Analysis: Gold Price Rally Takes Break
Gold price rallied above $2,180 before correcting lower.
Important Takeaways for Gold Price Analysis Today
Gold Price Technical Analysis
On the hourly chart of Gold at FXOpen, the price was able to climb above the $2,150 resistance, as mentioned in the previous analysis. The price even broke the $2,180 level before the bears appeared.
The price traded close to the $2,200 zone before there was a downside correction. There was a move below the $2,180 pivot zone. The price settled below the 50-hour simple moving average and RSI dipped below 50. Finally, it tested the $2,150 zone.
The price is now consolidating losses near the $2,160 level. Immediate resistance on the upside is near the $2,166 level or the 50% Fib retracement level of the downward move from the $2,179 swing high to the $2,152 low.
The next major resistance is near a key bearish trend line at $2,170. It is close to the 61.8% Fib retracement level of the downward move from the $2,179 swing high to the $2,152 low.
An upside break above the $2,170 resistance could send Gold price toward $2,180. Any more gains may perhaps set the pace for an increase toward the $2,200 level. If there is no recovery wave, the price could continue to move down.
Initial support on the downside is near the $2,164 level. The first major support is $2,150. If there is a downside break below the $2,150 support, the price might decline further. In the stated case, the price might drop toward the $2,132 support.
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 rallied above $2,180 before correcting lower.
Important Takeaways for Gold Price Analysis Today
- Gold price failed to clear the $2,200 resistance and corrected lower against the US Dollar.
- A key bearish trend line is forming with resistance at $2,170 on the hourly chart of gold at FXOpen.
Gold Price Technical Analysis
On the hourly chart of Gold at FXOpen, the price was able to climb above the $2,150 resistance, as mentioned in the previous analysis. The price even broke the $2,180 level before the bears appeared.
The price traded close to the $2,200 zone before there was a downside correction. There was a move below the $2,180 pivot zone. The price settled below the 50-hour simple moving average and RSI dipped below 50. Finally, it tested the $2,150 zone.
The price is now consolidating losses near the $2,160 level. Immediate resistance on the upside is near the $2,166 level or the 50% Fib retracement level of the downward move from the $2,179 swing high to the $2,152 low.
The next major resistance is near a key bearish trend line at $2,170. It is close to the 61.8% Fib retracement level of the downward move from the $2,179 swing high to the $2,152 low.
An upside break above the $2,170 resistance could send Gold price toward $2,180. Any more gains may perhaps set the pace for an increase toward the $2,200 level. If there is no recovery wave, the price could continue to move down.
Initial support on the downside is near the $2,164 level. The first major support is $2,150. If there is a downside break below the $2,150 support, the price might decline further. In the stated case, the price might drop toward the $2,132 support.
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.