HomeContributorsTechnical AnalysisGold Price Technical Analysis

Gold Price Technical Analysis

Gold price started a fresh decline from the $2,020 zone against the US Dollar. The price traded below the $2,000 level to move into a short-term bearish zone.

There was a clear move below the $1,967 level and the 50-hour simple moving average. A low was formed near $1,950 before the price started a recovery wave. It climbed above $1,967 and now facing resistance near a connecting bearish trend line at $1.978 on the hourly chart.

The next main resistance could be near the $2,000 level, above which the price could extend its rally toward the $2,020 level. Any more gains might send the price toward $2,050.

On the downside, immediate support is near the $1,967 level. The next major support is near the $1,950 level, below which the price might decline toward the $1,932 support level in the near term.

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