(function() { var didInit = false; function initMunchkin() { if(didInit === false) { didInit = true; Munchkin.init('105-GAR-921'); } } var s = document.createElement('script'); s.type = 'text/javascript'; s.defer = true; s.src = '//munchkin.marketo.net/munchkin.js'; s.onreadystatechange = function() { if (this.readyState == 'complete' || this.readyState == 'loaded') { initMunchkin(); } }; s.onload = initMunchkin; document.getElementsByTagName('head')[0].appendChild(s); })();(function(h,o,t,j,a,r){ h.hj=h.hj||function(){(h.hj.q=h.hj.q||[]).push(arguments)}; h._hjSettings={hjid:1422437,hjsv:6}; a=o.getElementsByTagName('head')[0]; r=o.createElement('script');r.defer=1; r.src=t+h._hjSettings.hjid+j+h._hjSettings.hjsv; a.appendChild(r); })(window,document,'https://static.hotjar.com/c/hotjar-','.js?sv=');

Gold Price Surges Above $2,100, Bitcoin Sets New ATH

Article background

Aayush Jindal

Key Highlights

  • Gold rallied above the $2,080 and $2,100 resistance levels.
  • A connecting bullish trend line is forming with support at $2,045 on the 4-hour chart.
  • Bitcoin extended gains above the $68,800 resistance.
  • Ethereum bulls seem to be aiming for a move toward $4,000.

Gold Price Technical Analysis

Gold prices started a fresh increase from the $2,020 support against the US Dollar. The bulls cleared the $2,065 resistance to start a strong rally.

The 4-hour chart of XAU/USD indicates that the price settled above the $2,080 level, the 100 Simple Moving Average (red, 4 hours), and the 200 Simple Moving Average (green, 4 hours).

The bulls were able to pump the price above the $2,100 and $2,120 levels. If they remain in action, there could be a move toward the $2,150 level. Any more gains might open the doors for a test of $2,180.

Initial support is near the $2,110 level. The first major support sits at $2,080. Any more losses might call for a move toward the $2,050 level in the coming days.

There is also a connecting bullish trend line forming with support at $2,045 on the same chart, below which Gold might decline and test the 100 Simple Moving Average (red, 4 hours) at $2,030.

Looking at Bitcoin, there was a strong upward move above the $66,000 and $68,000 levels. The next key resistance sits at $70,000.

Economic Releases to Watch Today

  • Euro Zone Retail Sales for Jan 2024 (YoY) - Forecast -1.3%, versus -0.8% previous.
  • BoC Interest Rate Decision – Forecast 5.0%, versus 5.0% previous.
Great
Trustpilot
Open a Live accountOpen a Demo account