Key Highlights
- Gold started a fresh upward move above the $2,780 resistance.
- A key bullish trend line is forming with support at $2,750 on the 4-hour chart.
- Bitcoin crashed toward $90,000 before the bulls appeared.
- EUR/USD is signaling weakness and might dip toward the 1.0150 support.
Gold Price Technical Analysis
Gold prices started a fresh increase amid Trump’s trade war. The price gained pace and remained in an uptrend above the $2,780 resistance.
The 4-hour chart of XAU/USD indicates that the price was able to clear the $2,800 resistance zone. It settled well above the 100 Simple Moving Average (red, 4 hours) and the 200 Simple Moving Average (green, 4 hours).
The current price action is bullish and indicates chances of more upsides. On the upside, immediate resistance is near the $2,820 level. The next major resistance sits near the $2,832 level.
A clear move above the $2,832 resistance could open the doors for more upsides. The next major resistance could be $2,850, above which the price could rally toward the $2,865 level.
On the downside, initial support is near the $2,795 level. The first key support is near $2,775. The next major support is near the $2,750 level.
There is also a key bullish trend line forming with support at $2,750 on the same chart. The main support is now $2,735. A downside break below the $2,735 support might call for more downsides. The next major support is near the $2,720 level.
Looking at EUR/USD, the pair opened with a gap down and the bears could now aim for more losses below 1.0200.
Economic Releases to Watch Today
- US Factory Orders for Dec 2024 (MoM) – Forecast -0.8%, versus -0.4% previous.
