Gold Bulls Dominate Market
Gold Bulls Dominate Market
Gold price started a fresh surge above $3,750 and traded to a new all-time high.
Important Takeaways for Gold Price Analysis Today
- Gold price rallied to a new all-time high and traded close to $3,800 against the US Dollar.
- A short-term bullish flag pattern is forming with resistance at $3,770 on the hourly chart of gold.
Gold Price Technical Analysis
On the hourly chart of Gold, the price formed support near $3,625. The price remained in a bullish zone and started a fresh increase above $3,660, as mentioned in the previous analysis.
The bulls pushed the price above $3,750 level and the 50-hour simple moving average. Finally, it traded to a new all-time high at $3,791. The price is now consolidating gains below $3,770 and the RSI is above 50.
Initial support on the downside is near the 23.6% Fib retracement level of the upward move from the $3,627 swing low to the $3,791 high at $3,750 and the 50-hour simple moving average.
A downside break below $3,750 could start a larger downside correction. In the stated case, Gold could drop toward the 50% Fib retracement at $3,710. The next area of interest for the bulls might be $3,690. A daily close below $3,690 could spark bearish moves and send the price to $3,625.
If there is a fresh increase, the price could face resistance at $3,770 and a short-term bullish flag pattern. The next sell zone might be $3,790. An upside break above the $3,790 resistance could send Gold price toward $3,820. Any more gains may perhaps set the pace for an increase to $3,850.
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 $3,750 and traded to a new all-time high.
Important Takeaways for Gold Price Analysis Today
- Gold price rallied to a new all-time high and traded close to $3,800 against the US Dollar.
- A short-term bullish flag pattern is forming with resistance at $3,770 on the hourly chart of gold.
Gold Price Technical Analysis
On the hourly chart of Gold, the price formed support near $3,625. The price remained in a bullish zone and started a fresh increase above $3,660, as mentioned in the previous analysis.
The bulls pushed the price above $3,750 level and the 50-hour simple moving average. Finally, it traded to a new all-time high at $3,791. The price is now consolidating gains below $3,770 and the RSI is above 50.
Initial support on the downside is near the 23.6% Fib retracement level of the upward move from the $3,627 swing low to the $3,791 high at $3,750 and the 50-hour simple moving average.
A downside break below $3,750 could start a larger downside correction. In the stated case, Gold could drop toward the 50% Fib retracement at $3,710. The next area of interest for the bulls might be $3,690. A daily close below $3,690 could spark bearish moves and send the price to $3,625.
If there is a fresh increase, the price could face resistance at $3,770 and a short-term bullish flag pattern. The next sell zone might be $3,790. An upside break above the $3,790 resistance could send Gold price toward $3,820. Any more gains may perhaps set the pace for an increase to $3,850.
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.
Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.