Gold prices have been on the rise, reaching a new high above $2,788. The market is showing signs of a bullish trend, with a connecting trend line forming at $2,758 on the 4-hour chart. On the other hand, oil prices are consolidating near the $69.00 mark.
In terms of technical analysis, gold prices have established a base above $2,720 against the US Dollar. The recent surge has seen the price clear several hurdles and set a new all-time high. The current consolidation phase is above the $2,770 level, supported by the 100 Simple Moving Average and the 200 Simple Moving Average on the 4-hour chart.
On the downside, initial support is expected around the $2,770 level, with further support at $2,758 and $2,750. A break below $2,750 could lead to more downside movement, with the next major support level at $2,720. On the upside, resistance is seen at $2,788 and $2,790, with potential for further gains towards $2,800 and $2,820.
In other news, oil prices have been bearish and are currently consolidating losses near $69.00. Economic releases to watch today include US Initial Jobless Claims and US Personal Income for September 2024.
Overall, the outlook for gold prices remains positive, with potential for further gains if key resistance levels are breached. Stay tuned for more updates on market movements and economic indicators.
