Gold: Long-Term Outlook
Gold price could restart a steady increase above the $1,990 resistance.
Important Takeaways for Gold Prices Analysis Today
Gold Price Technical Analysis
On the daily chart of Gold at FXOpen, the price started a downside correction from the $2,080 zone. The price traded below the $2,050 and $1,990 levels.
Finally, the bulls appeared near the $1,900 level. A low was formed near $1,900 and the price is now attempting a fresh increase. There was a move above the 23.6% Fib retracement level of the downward move from the $2,080 swing high to the $1,900 low.
The price is now trading above the 50-day simple moving average. There is also a key bullish trend line forming with support at $1,940.
Immediate resistance is near the 50% Fib retracement level of the downward move from the $2,080 swing high to the $1,900 low at $1,990. The next major resistance is near $2,000. An upside break above $2,000 could send Gold price toward $2,050. Any more gains may perhaps set the pace for an increase toward the $2,080 level.
Initial support on the downside is near the $1,940 level. The first major support is near $1,900. If there is a downside break below $1,900, the price might decline further. In the stated case, XAU/USD might drop toward $1,805.
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 corrected lower from $2,080 and tested $1,900 against the US Dollar.
- A key bullish trend line is forming with support at $1,940 on the daily chart of gold at FXOpen.
Gold Price Technical Analysis
On the daily chart of Gold at FXOpen, the price started a downside correction from the $2,080 zone. The price traded below the $2,050 and $1,990 levels.
Finally, the bulls appeared near the $1,900 level. A low was formed near $1,900 and the price is now attempting a fresh increase. There was a move above the 23.6% Fib retracement level of the downward move from the $2,080 swing high to the $1,900 low.
The price is now trading above the 50-day simple moving average. There is also a key bullish trend line forming with support at $1,940.
Immediate resistance is near the 50% Fib retracement level of the downward move from the $2,080 swing high to the $1,900 low at $1,990. The next major resistance is near $2,000. An upside break above $2,000 could send Gold price toward $2,050. Any more gains may perhaps set the pace for an increase toward the $2,080 level.
Initial support on the downside is near the $1,940 level. The first major support is near $1,900. If there is a downside break below $1,900, the price might decline further. In the stated case, XAU/USD might drop toward $1,805.
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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