Key Highlights
- Gold rallied above the $2,080 and $2,100 resistance levels.
- A connecting bullish trend line is forming with support at $2,045 on the 4-hour chart.
- Bitcoin extended gains above the $68,800 resistance.
- Ethereum bulls seem to be aiming for a move toward $4,000.
Gold Price Technical Analysis
Gold prices started a fresh increase from the $2,020 support against the US Dollar. The bulls cleared the $2,065 resistance to start a strong rally.
The 4-hour chart of XAU/USD indicates that the price settled above the $2,080 level, the 100 Simple Moving Average (red, 4 hours), and the 200 Simple Moving Average (green, 4 hours).
The bulls were able to pump the price above the $2,100 and $2,120 levels. If they remain in action, there could be a move toward the $2,150 level. Any more gains might open the doors for a test of $2,180.
Initial support is near the $2,110 level. The first major support sits at $2,080. Any more losses might call for a move toward the $2,050 level in the coming days.
There is also a connecting bullish trend line forming with support at $2,045 on the same chart, below which Gold might decline and test the 100 Simple Moving Average (red, 4 hours) at $2,030.
Looking at Bitcoin, there was a strong upward move above the $66,000 and $68,000 levels. The next key resistance sits at $70,000.
Economic Releases to Watch Today
- Euro Zone Retail Sales for Jan 2024 (YoY) – Forecast -1.3%, versus -0.8% previous.
- BoC Interest Rate Decision – Forecast 5.0%, versus 5.0% previous.
