Key Highlights
- Gold started a fresh surge and traded to a new high above $2,788.
- A connecting bullish trend line is forming with support at $2,758 on the 4-hour chart.
- Oil started a consolidation phase near the $69.00 zone.
- EUR/USD recovered some losses and tested the 1.0865 resistance.
Gold Price Technical Analysis
Gold prices formed a base above $2,720 against the US Dollar. The price started a fresh surge and cleared many hurdles near $2,750 to set a new all-time high.
The 4-hour chart of XAU/USD indicates that the price cleared $2,765 and traded to a new all-time high of $2,789. It is now consolidating above the $2,770 level, the 100 Simple Moving Average (red, 4 hours), and the 200 Simple Moving Average (green, 4 hours).
On the downside, initial support is near the $2,770 level or the 23.6% Fib retracement level of the upward move from the $2,708 swing low to the $2,789 high.
The first major support is near the $2,660 level. There is also a connecting bullish trend line forming with support at $2,758 on the same chart. The main support is now $2,750 or the 50% Fib retracement level of the upward move from the $2,708 swing low to the $2,789 high.
A downside break below the $2,750 support might call for more downsides. The next major support is near the $2,720 level.
On the upside, immediate resistance is near the $2,788 level. The first major resistance sits near the $2,790 level. A clear move above the $2,790 resistance could open the doors for more upsides. The next major resistance could be near $2,800, above which the price could rally toward the $2,820 level.
Looking at Oil, the price remained in a bearish zone and is currently consolidating losses near the $69.00 zone.
Economic Releases to Watch Today
- US Initial Jobless Claims – Forecast 230K, versus 227K previous.
- US Personal Income for Sep 2024 (MoM) – Forecast +0.3%, versus +0.2% previous.
