Market Analysis: Gold Price Faces Hurdles
Market Analysis: Gold Price Faces Hurdles
Gold price started a fresh decline below $2,665.
Important Takeaways for Gold Prices Analysis Today
- Gold price climbed higher toward the $2,665 zone before there was a sharp decline against the US Dollar.
- A key bearish trend line is forming with resistance near $2,632 on the hourly chart of gold at FXOpen.
Gold Price Technical Analysis
On the hourly chart of Gold at FXOpen, the price recovered above the $2,650 resistance. The price even spiked above $2,665 before the bears appeared.
A high was formed near $2,665 before there was a fresh decline. There was a move below the $2,650 support level. The bears even pushed the price below the $2,620 support and the 50-hour simple moving average.
It tested the $2,580 zone. A low formed near $2,582 and the price is now showing bearish signs. There was a minor recovery wave above the 50% Fib retracement level of the downward move from the $2,664 swing high to the $2,582 low.
However, the bears are active below $2,650. Immediate resistance is near $2,630 and a key bearish trend line at $2,632. It is close to the 61.8% Fib retracement level of the downward move from the $2,664 swing high to the $2,582 low.
The next major resistance is near the $2,665 zone. The main resistance could be $2,675, above which the price could test the $2,700 resistance. The next major resistance is $2,720.
An upside break above the $2,720 resistance could send Gold price toward $2,750. Any more gains may perhaps set the pace for an increase toward the $2,770 level.
Initial support on the downside is near the $2,605 level. The first major support is near the $2,580 level. If there is a downside break below the $2,580 support, the price might decline further. In the stated case, the price might drop toward the $2,550 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 started a fresh decline below $2,665.
Important Takeaways for Gold Prices Analysis Today
- Gold price climbed higher toward the $2,665 zone before there was a sharp decline against the US Dollar.
- A key bearish trend line is forming with resistance near $2,632 on the hourly chart of gold at FXOpen.
Gold Price Technical Analysis
On the hourly chart of Gold at FXOpen, the price recovered above the $2,650 resistance. The price even spiked above $2,665 before the bears appeared.
A high was formed near $2,665 before there was a fresh decline. There was a move below the $2,650 support level. The bears even pushed the price below the $2,620 support and the 50-hour simple moving average.
It tested the $2,580 zone. A low formed near $2,582 and the price is now showing bearish signs. There was a minor recovery wave above the 50% Fib retracement level of the downward move from the $2,664 swing high to the $2,582 low.
However, the bears are active below $2,650. Immediate resistance is near $2,630 and a key bearish trend line at $2,632. It is close to the 61.8% Fib retracement level of the downward move from the $2,664 swing high to the $2,582 low.
The next major resistance is near the $2,665 zone. The main resistance could be $2,675, above which the price could test the $2,700 resistance. The next major resistance is $2,720.
An upside break above the $2,720 resistance could send Gold price toward $2,750. Any more gains may perhaps set the pace for an increase toward the $2,770 level.
Initial support on the downside is near the $2,605 level. The first major support is near the $2,580 level. If there is a downside break below the $2,580 support, the price might decline further. In the stated case, the price might drop toward the $2,550 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.
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