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

Market Summary

18K Gold per gram in Iranian Rial (IRR) closed higher on October 22, marking its fourth consecutive day of gains. The asset opened at IRR 270,548,000 and reached an intraday high of IRR 273,108,000 before closing at IRR 272,231,000. This session's close represents the highest recorded closing price in the last 30 days.

Market Analysis

The latest session for 18K Gold per gram saw the price open at IRR 270,548,000, matching its intraday low. The price then advanced to an intraday high of IRR 273,108,000 before settling at IRR 272,231,000. This upward movement extends a bullish trend, with the asset recording four consecutive days of price increases.

The overall market structure indicates a bullish trend, with the current price trading above its 20-day, 50-day, and 200-day Simple Moving Averages, reinforcing positive momentum across multiple timeframes. The asset is also trading very close to its 52-week high, with a distance of only 0.32%. Volatility over the last 30 days stands at 1.26%. Key levels to observe include the resistance at IRR 273,108,000, which was tested during the session, and support at IRR 252,539,000.

Technical Highlights

Several technical indicators suggest strong upward momentum and potentially overbought conditions:

• Relative Strength Index (RSI): The 14-period RSI is at 71.77, placing the asset in overbought territory and indicating robust buying interest.
• Average Directional Index (ADX): The ADX is at 41.28, signaling a strong trend. The Plus Directional Indicator (+DI) of 44.40 significantly outweighs the Minus Directional Indicator (-DI) of 18.36, confirming the strength of the current bullish trend.
• Commodity Channel Index (CCI): With a CCI reading of 206.08, the asset shows strong upward momentum, also suggesting potentially overbought conditions.
• Moving Averages: The price is trading above its 20-day, 50-day, and 200-day Simple Moving Averages, which typically confirms a bullish trend across short, medium, and long-term perspectives.
• Bollinger Bands: The closing price is positioned near the upper Bollinger Band (IRR 271,168,748), further indicating strong upward price action.

Conclusion

18K Gold per gram (IRR) demonstrated continued strength on October 22, extending its bullish trend with a fourth consecutive daily gain and closing at a 30-day high. Technical indicators largely support the strong upward momentum, though some suggest the asset is entering 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.