Gold Price Corrects Gains
Gold price is correcting gains below the $1,980 support.
Important Takeaways for Gold Prices Analysis Today
· Gold price failed to settle above the $2,000 region and moved lower against the US Dollar.
· It broke a major bearish trend line with resistance near $1,958 on the hourly chart of gold at FXOpen.
Gold Price Technical Analysis
On the hourly chart of Gold at FXOpen, the price struggled to settle above the $2,000 resistance. The price started a fresh decline below the $1,980 pivot level.
The price traded below the $1,965 support and the 50-hour simple moving average. It tested the $1,945 zone. A low is formed near $1,944.71 and the price is now attempting a fresh increase. It broke a major bearish trend line with resistance near $1,958.
There was also a spike above the 23.6% Fib retracement level of the downward move from the $2,005 swing high to the $1,945 low. It is now facing resistance near the $1,965 level.
The next major resistance is near the 61.8% Fib retracement level of the downward move from the $2,005 swing high to the $1,945 low at $1,980, above which the price could test the $2,005 resistance.
The next major resistance is $2,020. An upside break above the $2,020 resistance could send Gold price toward $2,032. Any more gains may perhaps set the pace for an increase toward the $2,050 level.
Initial support on the downside is near the $1,958 level. The first major support is near the $1,945 level. If there is a downside break below the $1,945 support, the price might decline further. In the stated case, the price might drop toward the $1,920 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.
Important Takeaways for Gold Prices Analysis Today
· Gold price failed to settle above the $2,000 region and moved lower against the US Dollar.
· It broke a major bearish trend line with resistance near $1,958 on the hourly chart of gold at FXOpen.
Gold Price Technical Analysis
On the hourly chart of Gold at FXOpen, the price struggled to settle above the $2,000 resistance. The price started a fresh decline below the $1,980 pivot level.
The price traded below the $1,965 support and the 50-hour simple moving average. It tested the $1,945 zone. A low is formed near $1,944.71 and the price is now attempting a fresh increase. It broke a major bearish trend line with resistance near $1,958.
There was also a spike above the 23.6% Fib retracement level of the downward move from the $2,005 swing high to the $1,945 low. It is now facing resistance near the $1,965 level.
The next major resistance is near the 61.8% Fib retracement level of the downward move from the $2,005 swing high to the $1,945 low at $1,980, above which the price could test the $2,005 resistance.
The next major resistance is $2,020. An upside break above the $2,020 resistance could send Gold price toward $2,032. Any more gains may perhaps set the pace for an increase toward the $2,050 level.
Initial support on the downside is near the $1,958 level. The first major support is near the $1,945 level. If there is a downside break below the $1,945 support, the price might decline further. In the stated case, the price might drop toward the $1,920 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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