HomeContributorsTechnical AnalysisGold Price Started A Fresh Increase Above $1,880

Gold Price Started A Fresh Increase Above $1,880

Gold price started a fresh increase above the $1,880 resistance against the US Dollar. The price even broke the main $1,900 resistance zone to move into a positive zone.

There was also a close above the $1,910 level and the 50 hourly simple moving average. A high is formed near $1,925 on FXOpen and the price is currently showing signs of more upsides. If there is a downside correction, an initial support is near the $1,915 level.

There is also a major bullish trend line forming with support near $1,900 on the hourly chart. As long as the price is above the trend line support and $1,910, there are chances of a steady increase.

On the upside, the $1,925 level is a short-term hurdle. A clear break above the $1,925 and $1,928 resistance levels could open the doors for a strong increase towards the $1,950 level.

FXOpen
FXOpenhttps://www.fxopen.com/
FXOpen is a global Forex and CFD Broker, founded in 2005 by a group of traders. With over 16 years of experience, the company has gained an excellent reputation a major brokerage that continues to expand rapidly. The broker offers a choice of platforms, including the popular MT4 and MT5 platforms, with a wide range of trading instruments with spreads from 0.0 pips: 600+ FX, index, share, commodity and cryptocurrency CFDs. FXOpen also provides its own PAMM technology, allowing clients to benefit from the strategies of experienced traders with a proven track record of successful trading and guarantees automatic distribution of profit and loss between the strategy provider and the strategy followers. CFDs are complex instruments and come with a high risk of losing your money. PAMM is only available in certain jurisdictions. Cryptocurrency CFDs are not available to Retail clients at FXOpen UK.

Featured Analysis

Learn Forex Trading

Supply and Demand Trading

How to Identify Trendlines