Gold At Risk of More Losses
Gold price is struggling below the $1,967 support level.
Important Takeaways for Gold Prices Analysis Today
Gold Price Technical Analysis
On the hourly chart of Gold at FXOpen, the price struggled to start a fresh increase above the $1,982 resistance. The price started a fresh decline below the $1,967 support.
There was a close below the 50-hour simple moving average and $1,950. The price tested the $1,938 support zone. A low is formed at $1,936.68, and the price is now consolidating losses. It is following a short-term declining channel with resistance near $1,948.
The channel resistance is near the 23.6% Fib retracement level of the downward move from the $1,982 swing high to the $1,938 low. The next major resistance is near the $1,950 level.
If the breakout occurs, the price will target resistance of $1,960 near the 50% Fib retracement level of the downward move from the $1,982 swing high to the $1,938 low and the 50-hour simple moving average. An upside break above $1,960 could send the Gold price toward $1,967. Any more gains may perhaps set the pace for an increase toward the $1,982 level.
Initial support on the downside is near the $1,938 level. The first major support is near the $1,932 level. The next support sits near the $1,920 level. If there is a downside break below $1,920, the price might decline heavily towards $1,900, below which the bulls could aim for a test of $1,880.
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 clear the $1,982 resistance and trimmed gains against the US Dollar.
- It is now following a short-term declining channel with resistance near $1,948 on the hourly chart of gold at FXOpen.
Gold Price Technical Analysis
On the hourly chart of Gold at FXOpen, the price struggled to start a fresh increase above the $1,982 resistance. The price started a fresh decline below the $1,967 support.
There was a close below the 50-hour simple moving average and $1,950. The price tested the $1,938 support zone. A low is formed at $1,936.68, and the price is now consolidating losses. It is following a short-term declining channel with resistance near $1,948.
The channel resistance is near the 23.6% Fib retracement level of the downward move from the $1,982 swing high to the $1,938 low. The next major resistance is near the $1,950 level.
If the breakout occurs, the price will target resistance of $1,960 near the 50% Fib retracement level of the downward move from the $1,982 swing high to the $1,938 low and the 50-hour simple moving average. An upside break above $1,960 could send the Gold price toward $1,967. Any more gains may perhaps set the pace for an increase toward the $1,982 level.
Initial support on the downside is near the $1,938 level. The first major support is near the $1,932 level. The next support sits near the $1,920 level. If there is a downside break below $1,920, the price might decline heavily towards $1,900, below which the bulls could aim for a test of $1,880.
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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