18K Gold per gram (IRR) Extends Gains to Seven Sessions, Reaching 30-Day High

Market Summary

18K Gold per gram (IRR) closed higher on August 24, marking its seventh consecutive day of gains. The asset reached a new 30-day closing high of 220,222,000 IRR. During the session, the price opened at its low of 217,473,000 IRR, advanced to an intraday high of 224,856,000 IRR, before settling slightly lower by the close.

Market Analysis

The 18K Gold per gram (IRR) has maintained a strong bullish trend, with the price consistently trading above its 20-day, 50-day, and 200-day Simple Moving Averages. The current closing price of 220.2 million IRR represents the highest close observed in the last 30 days. The asset's price is now approximately 2.1% away from its 52-week high, which also aligns with the immediate resistance level at 224,856,000 IRR. The recent price action has been characterized by an expanding range, with the latest session demonstrating significant intraday movement from its open to its high.

Technical Highlights

Several technical indicators underscore the current market conditions:

• Momentum: The Relative Strength Index (RSI) stands at 85.83, indicating that the asset is in significantly overbought territory. Similarly, the Commodity Channel Index (CCI) at 251.38 also suggests strong upward momentum that may be extended.
• Trend Strength: The Average Directional Index (ADX) at 39.28 points to a strong underlying trend. This is further supported by the Plus Directional Indicator (+DI) at 56.25, significantly outweighing the Minus Directional Indicator (-DI) at 6.18, indicating robust buying pressure.
• Moving Averages: The price is trading above its 20-day, 50-day, and 200-day Simple Moving Averages, reinforcing the established bullish trend.
• Volatility: The price closed above the upper Bollinger Band, which is currently at 214,171,226 IRR, often signaling an extended upward price movement.
• MACD: The Moving Average Convergence Divergence (MACD) shows strong positive momentum, with the MACD line above its signal line and a positive and increasing histogram, suggesting accelerating upward pressure.

Conclusion

18K Gold per gram (IRR) is in a strong bullish trend, marked by seven consecutive daily gains and a 30-day closing high. While momentum indicators remain robustly positive and confirm the trend's strength, several oscillators suggest the asset is in significantly overbought territory. The available market data alone do not indicate the underlying cause of the observed price movement.

Live rates

Track the latest 18K Gold per gram (IRR) session on Iran Market Data.