Gold Technical Analysis

Source: Dukascopy Bank SA
Gold is consolidating in a volatile sideways range on the hourly chart, currently testing the 38.2% Fibonacci level as resistance, with indicators confirming a lack of a clear directional trend. After a strong uptrend, the market has entered a choppy consolidation phase, contained between range resistance near the 23.6% Fibonacci level at 3893.40 and strong support around the 61.8% Fibonacci level at 3818.05.



This neutral, directionless state is confirmed by the technical indicators, as the 60-period Simple Moving Average is flat and weaving through the price, and the RSI is positioned near the 50 midline. The price is currently battling the 38.2% Fibonacci level 3858.60 as immediate resistance. The outlook remains neutral, and a breakout is required to establish a new trend.

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