Gold rose to an all-time high above $2,670 on Wednesday (September 25). A major bullish trend line is forming, with support at $2590 on the 4-hour chart.
Gold prices started a fresh rally, extending their rally by clearing many resistance levels near $2,600 after crossing above the $2,580 level.
The 4-hour chart of spot gold shows that the price is stable above the 100 and 200 moving averages. Spot gold moved steadily higher after the Federal Reserve cut interest rates, rising to an all-time high of $2,670.
Analysis of the technical trend of gold prices:
On the upside, the immediate resistance is near the $2,665 level. The first major resistance is located near the $2,680 level. A clear break above the $2,680 resistance could open up more upside. The next major resistance level is likely to be near the $2,700 level, above which the price could rebound towards the $2,750 level.
On the downside, the initial support is near $2,635. The first major support is near the $2,605 level. The main support level is currently near $2,590. On the same chart, there is also a major bullish trend line formed at the support level of $2590.
A break below the $2,590 support level could see more downside. The next major support is near the $2,550 and 100 simple moving averages.
At 20:24 Hong Kong time, spot gold was at $2658.50 an ounce.
Author: Zhou Tong (Analyst) 25-09-2024
# The above is only the author’s personal opinion and has nothing to do with the company’s position.
#The policy recommendations are for informational purposes only, there are risks in entering the market, and investment needs to be cautious.