HomeContributorsTechnical AnalysisGold Price Started a Fresh Increase from $1,900

Gold Price Started a Fresh Increase from $1,900

Gold price started a fresh increase from the $1,900 zone against the US Dollar. The price was able to settle above the $1,915 level to move further into a positive zone.

The pair even climbed above the $1,920 level and the 50 hourly simple moving average. The price is now trading above the $1,925 level and is showing positive signs. An immediate resistance on the upside is near the $1,935 level.

The first major resistance is near $1,938 on FXOpen. The next main resistance could be near the $1,945 level, above which the price could start a steady increase towards the $1,955 level.

On the downside, an immediate support is near the $1,927 level and a connecting bullish trend line. The next major support is near the $1,922 level, below which the price might decline towards the $1,905 support level in the near term. Any more losses might call for a test of $1,900.

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.

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