18K Gold per gram (IRR) Extends Gains, Momentum Remains Strong
18K Gold per gram (IRR) closed higher on August 27, marking its second consecutive day of gains. The instrument traded within a range of 2,558,000 IRR during...
Market Summary
18K Gold per gram (IRR) closed higher on August 27, marking its second consecutive day of gains. The instrument traded within a range of 2,558,000 IRR during the session, with the closing price settling above its opening level.
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Interactive price chart
Market Analysis
On August 27, 18K Gold per gram closed at 217,464,000 IRR, following an open of 216,780,000 IRR. The session saw the price reach a high of 218,050,000 IRR, while the low was recorded at 215,492,000 IRR. The overall market structure for the instrument is identified as bullish.
The price has consistently traded above its 20-day, 50-day, and 200-day simple moving averages, reinforcing the prevailing upward trend. Over the past month, the price has demonstrated a significant increase, rising from levels around 185,616,000 IRR in early August. The current closing price is approximately 3.29% below its 52-week high of 224,856,000 IRR, which also represents the immediate resistance level. A key support level is identified at 183,815,000 IRR.
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Technical Highlights
Several technical indicators underscore the current market dynamics. The 14-period Relative Strength Index (RSI) stands at 78.56, indicating that the asset is in overbought territory.
Momentum remains positive, as evidenced by the Moving Average Convergence Divergence (MACD). The MACD line is at 8,790,969, positioned above its signal line of 6,419,841, with a positive histogram of 2,371,128.
The Average Directional Index (ADX) is at 43.13, suggesting a strong underlying trend. This strength is further supported by the Plus Directional Indicator (+DI) at 42.08, which is notably higher than the Minus Directional Indicator (-DI) at 11.85, indicating strong buying interest.
The price's position above its 20-day, 50-day, and 200-day simple moving averages (198,146,350 IRR, 188,833,520 IRR, and 185,133,289 IRR respectively) confirms the bullish alignment across different timeframes. Additionally, the Supertrend indicator is currently bullish, with the price trading above its Supertrend line of 205,961,252 IRR.
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Conclusion
18K Gold per gram (IRR) concluded the August 27 session with a gain, extending its upward movement for a second consecutive day within a bullish market structure. While key technical indicators such as ADX, MACD, and moving averages confirm the strong prevailing trend, the RSI suggests that the asset is currently in overbought conditions. 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.