Gold Price Price Weekly Chart Outlook
Gold price remains supported for more gains above $2,000.
Important Takeaways for Gold Prices Analysis Today
· Gold price rallied toward $2,080 before it started a downside correction against the US Dollar.
· It is now trading above a connecting bullish trend line with support near $1,940 on the weekly chart of gold at FXOpen.
Gold Price Technical Analysis
On the weekly chart of Gold at FXOpen, the price started a fresh increase above the $1,870 resistance. The price gained pace and rallied above the $2,000 level.
There was a close above the 50-week simple moving average. It even surpassed $2,050 and tested $2,080. A high was formed near $2,081 before there was a downside correction. There was a move below the 23.6% Fib retracement level of the upward move from the $1,804 swing low to the $2,081 high.
The price tested the 50% Fib retracement level of the upward move from the $1,804 swing low to the $2,081 high at $1,940.
The price is also trading above a connecting bullish trend line with support near $1,940. If there is a downside break, the price might decline toward the $1,870 support. The next major support is near $1,740, below which the bulls could aim for a test of $1,660.
On the upside, the price might face resistance near the $2,050 level. The next major resistance is near the $2,080 level. An upside break above the $2,080 resistance could send Gold price toward $2,120. Any more gains may perhaps set the pace for an increase toward the $2,200 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.
Important Takeaways for Gold Prices Analysis Today
· Gold price rallied toward $2,080 before it started a downside correction against the US Dollar.
· It is now trading above a connecting bullish trend line with support near $1,940 on the weekly chart of gold at FXOpen.
Gold Price Technical Analysis
On the weekly chart of Gold at FXOpen, the price started a fresh increase above the $1,870 resistance. The price gained pace and rallied above the $2,000 level.
There was a close above the 50-week simple moving average. It even surpassed $2,050 and tested $2,080. A high was formed near $2,081 before there was a downside correction. There was a move below the 23.6% Fib retracement level of the upward move from the $1,804 swing low to the $2,081 high.
The price tested the 50% Fib retracement level of the upward move from the $1,804 swing low to the $2,081 high at $1,940.
The price is also trading above a connecting bullish trend line with support near $1,940. If there is a downside break, the price might decline toward the $1,870 support. The next major support is near $1,740, below which the bulls could aim for a test of $1,660.
On the upside, the price might face resistance near the $2,050 level. The next major resistance is near the $2,080 level. An upside break above the $2,080 resistance could send Gold price toward $2,120. Any more gains may perhaps set the pace for an increase toward the $2,200 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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