Gold Price Surges Amid Israel-Hamas War
Gold price surged above the $1,848 resistance after the Israel-Hamas war escalated.
Important Takeaways for Gold Prices Analysis Today
· Gold price started a steady increase from the $1,810 zone against the US Dollar.
· A key rising channel is forming with support near $1,868 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 $1,810 zone. The price started a steady increase after the Israel-Hamas war.
There was a decent move above the 50-hour simple moving average. The bulls pushed the price above the $1,848 and $1,868 resistance levels. Finally, the price tested the $1,885 zone before the bears appeared.
There was a minor downside correction below $1,880 and the RSI dipped below 50. The price tested the 50-hour simple moving average and the 23.6% Fib retracement level of the upward move from the $1,810 swing low to the $1,885 high.
There is also a key rising channel forming with support near $1,868. Initial support on the downside is near the 50-hour simple moving average or $1,868.
The first major support is near the 50% Fib retracement level of the upward move from the $1,810 swing low to the $1,885 high at $1,848. If there is a downside break below the $1,848 support, the price might decline further. In the stated case, the price might drop toward the $1,828 support.
Immediate resistance is near the $1,885 level. The next major resistance is near the $1,900 level. An upside break above the $1,900 resistance could send Gold price toward $1,920. Any more gains may perhaps set the pace for an increase toward the $1,950 level.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
Important Takeaways for Gold Prices Analysis Today
· Gold price started a steady increase from the $1,810 zone against the US Dollar.
· A key rising channel is forming with support near $1,868 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 $1,810 zone. The price started a steady increase after the Israel-Hamas war.
There was a decent move above the 50-hour simple moving average. The bulls pushed the price above the $1,848 and $1,868 resistance levels. Finally, the price tested the $1,885 zone before the bears appeared.
There was a minor downside correction below $1,880 and the RSI dipped below 50. The price tested the 50-hour simple moving average and the 23.6% Fib retracement level of the upward move from the $1,810 swing low to the $1,885 high.
There is also a key rising channel forming with support near $1,868. Initial support on the downside is near the 50-hour simple moving average or $1,868.
The first major support is near the 50% Fib retracement level of the upward move from the $1,810 swing low to the $1,885 high at $1,848. If there is a downside break below the $1,848 support, the price might decline further. In the stated case, the price might drop toward the $1,828 support.
Immediate resistance is near the $1,885 level. The next major resistance is near the $1,900 level. An upside break above the $1,900 resistance could send Gold price toward $1,920. Any more gains may perhaps set the pace for an increase toward the $1,950 level.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
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