HomeContributorsTechnical AnalysisGold Price Started A Fresh Decline From 1,870

Gold Price Started A Fresh Decline From 1,870

Gold price extended its increase above $1,865 before it faced sellers against the US Dollar. The price traded towards $1,870 and started a fresh decline.

There was a break below the $1,860 level and the 50 hourly simple moving average. The price even settled below the $1,850 level and the 50 hourly simple moving average. It is now consolidating above the $1,840 level.

The first key support is near the $1,840 level. The next major support could be $1,835, below which there is a risk of more downsides. Any more losses could lead the price to $1,820 on FXOpen.

On the upside, an immediate resistance is near the $1,850 level. There is also a key bearish trend line forming with resistance near $1,860 on the hourly chart. The next main resistance could be near the $1,870 level.

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