Key Highlights
- Gold found support near $3,120 and started a fresh increase.
- It cleared a key bearish trend line with resistance at $3,220 on the 4-hour chart.
- EUR/USD is moving higher above the 1.1250 resistance zone.
- WTI Crude Oil prices recovered and climbed above the $63.00 level.
Gold Price Technical Analysis
Gold prices remained supported above $3,120. The price formed a base and started a fresh increase above the $3,180 and $3,200 resistance levels.
The 4-hour chart of XAU/USD indicates that the price cleared a key bearish trend line with resistance at $3,220. There was a clear move above the 50% Fib retracement level of the downward move from the $3,437 swing high to the $3,120 low.
The price settled above the $3,270 level, the 200 Simple Moving Average (green, 4 hours), and the 100 Simple Moving Average (red, 4 hours). On the upside, immediate resistance is near the $3,315 level and the 61.8% Fib retracement level of the downward move from the $3,437 swing high to the $3,120 low.
The next major resistance sits near the $3,365 level. A clear move above the $3,365 resistance could open the doors for more upsides. The next major resistance could be $3,380, above which the price could rally toward the milestone level of $3,400.
On the downside, initial support is near the $3,280 level. The first key support is near $3,250. The next major support is near the $3,240 level. The main support is now $3,220. A downside break below the $3,220 support might call for more downsides. The next major support is near the $3,150 level.
Looking at EUR/USD, the pair started a decent upward move and might soon aim for a fresh increase if it clears the 1.1320 resistance.
Economic Releases to Watch Today
- ECB’s Lane speech.
- Fed’s Barkin speech.
