Gold price rallied further and traded to a new high above $2,680.
Important Takeaways for Gold Price Analysis Today
- Gold price started a steady increase from the $2,545 zone against the US Dollar. - A key bullish trend line is forming with support near $2,665 on the hourly chart of gold at FXOpen.
Gold Price Technical Analysis On the hourly chart of Gold at FXOpen, the price found support near the $2,545 zone. The price remained in a bullish zone and started a strong increase above $2,600.
There was a decent move above the 50-hour simple moving average and $2,620. The bulls pushed the price above the $2,635 and $2,650 resistance levels. Finally, the price climbed to a new all-time high near the $2,685 level.
The price is now consolidating gains and showing positive signs above the 23.6% Fib retracement level of the upward move from the $2,546 swing low to the $2,685 high, and the RSI is stable above 50.
Initial support on the downside is near $2,665. There is also a key bullish trend line forming with support near $2,665 and the 50-hour simple moving average. The first major support is near the $2,650 zone. If there is a downside break below the $2,650 support, the price might decline further.
In the stated case, the price might drop toward the 50% Fib retracement level of the upward move from the $2,546 swing low to the $2,685 high at $2,615. Any more losses might push the price toward the $2,580 level.
Immediate resistance is near the $2,685 level. The next major resistance is near the $2,700 level. An upside break above the $2,700 resistance could send Gold price toward $2,720. Any more gains may perhaps set the pace for an increase toward the $2,735 level.
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