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Key Highlights
- Gold extended its rally and traded to a new record high near $3,700.
- A key bullish trend line is forming with support at $3,665 on the 4-hour chart.
- WTI Crude Oil prices could recover if there is a close above $65.50.
- EUR/USD rallied above the 1.1760 and 1.1800 resistance levels.
Gold Price Technical Analysis
Gold prices formed a base above $3,500 and started a fresh increase against the US Dollar. It cleared many hurdles near $3,550 and $3,650.
The 4-hour chart of XAU/USD indicates that the price settled above the $3,650 level, the 100 Simple Moving Average (red, 4 hours), and the 200 Simple Moving Average (green, 4 hours). The upward move was such that the price spiked to $3,700.
Gold traded to a new record high near $3,701 and might continue to rise. On the upside, immediate resistance is near the $3,700 level. The next major resistance sits near the $3,715 level.
A clear move above $3,715 could open the doors for more upside. In the stated case, the bulls could aim for a move toward $3,750, above which the price could rally toward the milestone level of $3,765.
On the downside, initial support is near the $3,675 level. The first key support is $3,665. There is also a key bullish trend line forming with support at $3,665 on the same chart. The next major support is near the $3,620 level.
A downside break below $3,620 might call for more downsides. The next key zone to watch could be $3,550 and the 100 Simple Moving Average (red, 4 hours).
Looking at WTI Crude Oil, the price shows signs of recovery, but the bulls need to push it above $65.50 in the near term.
Economic Releases to Watch Today
- Fed Interest Rate Decision – Forecast 4.25%, versus 4.5% previous.
- Fed Monetary Policy Statement.
- FOMC Economic Projections.
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