Market Analysis: Gold Pulls Back
Gold price started a fresh decline below $3,380.
Important Takeaways for Gold Price Analysis Today
- Gold price climbed higher toward the $3,410 zone before there was a sharp decline against the US Dollar.
- A key bearish trend line is forming with resistance near $3,355 on the hourly chart of gold.
Gold Price Technical Analysis
On the hourly chart of Gold at FXOpen, the price climbed above the $3,380 resistance. The price even spiked above $3,400 before the bears appeared.
A high was formed near $3,409 before there was a fresh decline. There was a move below the $3,380 pivot level. The bears even pushed the price below the $3,350 support and the 50-hour simple moving average.
It tested the $3,330 zone. A low has formed near $3,331 and the price is now consolidating losses near the 23.6% Fib retracement level of the downward move from the $3,409 swing high to the $3,331 low.
Immediate resistance on the upside is near a bearish trend line at $3,355 and the 50-hour simple moving average. The next major hurdle is near the 50% Fib retracement level.
The main barrier for the bulls could be near the $3,380 level, above which the price could test the $3,400 zone. Any more gains might call for a move toward $3,410. An upside break above $3,410 could send Gold price toward $3,425.
Initial support on the downside is near $3,330. The next key level is $3,320. If there is a downside break below $3,320, the price might decline further. In the stated case, the price might drop toward the $3,300 zone.
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 $3,380.
Important Takeaways for Gold Price Analysis Today
- Gold price climbed higher toward the $3,410 zone before there was a sharp decline against the US Dollar.
- A key bearish trend line is forming with resistance near $3,355 on the hourly chart of gold.
Gold Price Technical Analysis
On the hourly chart of Gold at FXOpen, the price climbed above the $3,380 resistance. The price even spiked above $3,400 before the bears appeared.
A high was formed near $3,409 before there was a fresh decline. There was a move below the $3,380 pivot level. The bears even pushed the price below the $3,350 support and the 50-hour simple moving average.
It tested the $3,330 zone. A low has formed near $3,331 and the price is now consolidating losses near the 23.6% Fib retracement level of the downward move from the $3,409 swing high to the $3,331 low.
Immediate resistance on the upside is near a bearish trend line at $3,355 and the 50-hour simple moving average. The next major hurdle is near the 50% Fib retracement level.
The main barrier for the bulls could be near the $3,380 level, above which the price could test the $3,400 zone. Any more gains might call for a move toward $3,410. An upside break above $3,410 could send Gold price toward $3,425.
Initial support on the downside is near $3,330. The next key level is $3,320. If there is a downside break below $3,320, the price might decline further. In the stated case, the price might drop toward the $3,300 zone.
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.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.