Sat, Feb 04, 2023 @ 10:00 GMT
HomeContributorsTechnical AnalysisGold Price Remains In Strong Uptrend Above $1,880

Gold Price Remains In Strong Uptrend Above $1,880

Key Highlights

  • Gold price started a fresh increase above the $1,900 resistance.
  • A key bullish trend line is forming with support near $1,875 on the 4-hours chart.
  • EUR/USD is consolidating gains above the 1.0780 support.
  • GBP/USD might continue to rise above the 1.2300 resistance zone.

Gold Price Technical Analysis

Gold price formed a base above the $1,850 level against the US Dollar. The price started a steady increase above the $1,870 and $1,880 levels.

The 4-hours chart of XAU/USD indicates that the price gained pace above the $1,892 resistance zone. The price even moved above the $1,900 level and settled well above the 100 simple moving average (red, 4-hours) plus the 200 simple moving average (green, 4-hours).

The price tested the $1,930 and started a consolidation phase. On the upside, the price might face sellers near the $1,925 level.

The next major resistance is near the $1,930 level. Any more gains might send the price towards the $1,950 resistance level, above which gold price might visit the $2,000 resistance.

On the downside, an initial support is near the $1,900 level. The next major support is near the $1,880 level. There is also a key bullish trend line forming with support near $1,875 on the same chart.

The main support is near $1,865, below which gold price might struggle to stay above the $1,850 zone. In the stated case, gold price could slide towards the $1,820 support.

Looking at EUR/USD, the pair could attempt a fresh increase if it clears the 1.092 resistance zone in the coming sessions.

Economic Releases to Watch Today

  • UK Consumer Price Index for Dec 2022 (YoY) – Forecast +10.6%, versus +10.7% previous.
  • UK Core Consumer Price Index for Dec 2022 (YoY) – Forecast +6.6%, versus +6.3% previous.
  • Euro Zone CPI for Dec 2022 (YoY) – Forecast +9.2%, versus +9.2% previous.
  • Euro Zone CPI for Dec 2022 (MoM) – Forecast -0.3%, versus -0.3% previous.
  • US Industrial Production for Dec 2022 (MoM) – Forecast -0.1%, versus -0.2% previous.
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