Gold (XAUUSD) Breaks the $1,750 Resistance, Resumes Uptrend

Gold (XAUUSD) Breaks the $1,750 Resistance, Resumes Uptrend

Key Resistance Levels: $1,900, $1,950, $2000
Key Support Levels: $1,750, $1, 700,$1,650

Gold (XAUUSD) Long-term Trend: Ranging
Gold is making positive moves as price breaks the resistance at $1,750. XAUUSD will be out of the range-bound zone if the bullish momentum is sustained. The upward move may face resistance at $1,800 and $1,840. In the previous price action, Gold was rejected at those previous highs.

XAUUSD – Daily Chart

Daily Chart Indicators Reading:
The gold price has broken the resistance of the horizontal channel. The uptrend will resume if price breaks the resistance level and closes above it. The 21-day SMA and 50-day SMA are sloping downward but are making a U-turn.


Gold (XAUUSD) Medium-term bias: Bullish
On the 4 hour chart, the XAUUSD has resumed an uptrend as price breaks the resistance at $1,750.On April 6 uptrend, a retraced candle body tested the 61.8% Fibonacci retracement. The retracement implies that Gold will rise to level 1.618 Fibonacci extension. That is the high of level $1,758.71.

XAUUSD – 4 Hour Chart

4-hour Chart Indicators Reading
XAUUSD is above the 80% range of the daily stochastic. The stochastic bands are sloping upward and approaching the overbought region of the market. Gold has a bullish crossover as the 21-day SMA crosses above the 50-day SMA. This bullish crossover indicates bullish signals.


General Outlook for Gold (XAUUSD)
XAUUSD price has broken the resistance at $1,750. The Gold price is expected to resume an uptrend as the market was earlier range bound between $1,720 and $1,750 since February. The present upward move will be short-lived as price reached the overbought region of the market.

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Gold (XAUUSD) Is in a Range Bound Between Levels $1,680 and $1,750

Gold (XAUUSD) Is in a Range Bound Between Levels $1,680 and $1,750

Key Resistance Levels: $1,900, $1,950, $2000
Key Support Levels: $1,750, $1, 700,$1,650

Gold (XAUUSD) Long-term Trend: Ranging
Gold is in a range-bound move. Since March 5, XAUUSD is fluctuating between levels $1,675 and $1,750. For the past month, these levels have remained unbroken. Gold has been trading marginally. Today, the Gold price has been rising to retest the resistance level. Since January 8, Gold has been falling and the market has remained in the bearish trend zone.

XAUUSD – Daily Chart

Daily Chart Indicators Reading:
Gold price is facing resistance at 21-day SMA. The market has been facing resistance at the 21-day SMA. On the daily chart, the 21-day SMA has not been broken. Meanwhile, the moving averages are sloping downward. Gold is at level 47 of the Relative Strength Index period 14. It indicates that the market is capable of falling on the downside


Gold (XAUUSD) Medium-term bias: Ranging
On the 4 hour chart, the XAUUSD is fluctuating between $1,720 and $1,750. In most past of March, the crypto has been fluctuating below the $1,750 resistance. On March 26, the bulls were resisted by the 21-day SMA. XAUUSD price drops to the lower price range. Today, price is fluctuating.

XAUUSD – 4 Hour Chart

4-hour Chart Indicators Reading
XAUUSD is above the 80% range of the daily stochastic. This is a signal of a further downward movement of prices as the market reaches the overbought region of the market. Sellers are likely to emerge in the overbought region of the market. The 21-day and the 50-day SMAs are sloping in the middle of the price range.

General Outlook for Gold (XAUUSD)
XAUUSD is in a range-bound move. The market will trend if the range-bound level is broken. Gold price is presently approaching the upper price range to break above it. The upward move above the resistance is doubtful as price reaches the overbought region.


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Gold (XAUUSD) Fluctuates Between $1,720 and $1,750, May Further Decline

Gold (XAUUSD) Fluctuates Between $1,720 and $1,750, May Further Decline

Key Resistance Levels: $1,900, $1,950, $2000
Key Support Levels: $1,750, $1, 700,$1,650

Gold (XAUUSD) Long-term Trend: Bearish
Gold is in a range-bound move. However, since March 17, the Gold price has been fluctuating below the $1,750 resistance. Meanwhile, on March 8 downtrend, XAUUSD fell to $1,676.86 low. A retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that Gold is expected to fall to level 1.618 Fibonacci extension. That is the low of $1,593.21.

XAUUSD – Daily Chart

Daily Chart Indicators Reading:
Gold is at level 41 of the Relative Strength Index period 14. It indicates that the market is in a downtrend zone. The price is below the SMAs which indicates that Gold is likely to fall. The 21-day and 50-day SMAs are sloping southward.

Gold (XAUUSD) Medium-term bias: Ranging
On the 4 hour chart, the XAUUSD is fluctuating between $1,720 and $1,750. Buyers and sellers are in price tussle since March 12. The bulls have failed to break the resistance as the price consolidates in the middle of the range. There is also strong buying pressure at the lower price range as price is restricted at the middle of the range.

XAUUSD – 4 Hour Chart

4-hour Chart Indicators Reading
XAUUSD is above the 20% range of the daily stochastic. The stochastic bands are sloping horizontally. . The 21-day and the 50-day SMAs are sloping in the middle of the price range.

General Outlook for Gold (XAUUSD)
XAUUSD is not trending but price is fluctuating between $1,720 and $1,750. The price has broken below the SMAs. There is a tendency for XAUUSD to decline on the downside.


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Gold (XAUUSD) Faces Rejection at Level $1,760, May Resume Downward

Gold (XAUUSD) Faces Rejection at Level $1,760, May Resume Downward

Key Resistance Levels: $1,900, $1,950, $2000
Key Support Levels: $1,750, $1, 700,$1,650

Gold (XAUUSD) Long-term Trend: Bearish
Gold is presently in a downward move. The current downward move was a rejection from $1,950. On March 8 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that Gold is expected to fall to level 2.0 Fibonacci extension. That is the low of level $ 1539.83. The price action has confirmed this low but the downtrend will resume it breaks below $1,700.

XAUUSD – Daily Chart

Daily Chart Indicators Reading:
The price has fallen to level 41 of the Relative Strength Index period 14. It indicates that Gold is in the downtrend. The price has broken below SMAs which indicates that Gold is falling. The SMAs are sloping southward.

Gold (XAUUSD) Medium-term bias: Bearish
On the 4 hour chart, the XAUUSD is also in a downward move. On March 8, the XAUUSD fell to $1,680 support. Buyers push the price to retest level $1,760 high. The downtrend has resumed and if the bears break the previous support at $1,680, the selling pressure will resume.

XAUUSD – 4 Hour Chart

4-hour Chart Indicators Reading
XAUUSD is below the 80% range of the daily stochastic. The market has reached the overbought region. The price is in a bearish momentum. The SMAs are sloping downward indicating the downtrend.

General Outlook for Gold (XAUUSD)
XAUUSD is falling after rejection from level 1760. The price is at the point of breaking below the SMAs A successful breakdown will mean a further downward movement of prices.

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Gold Stuck in a Sideways Bias Ahead of FOMC Meeting

Gold Stuck in a Sideways Bias Ahead of FOMC Meeting

Gold (XAU/USD) remained in a rangebound mode for the second consecutive session, despite its underlying bullish bias. The precious metal traded within the tight range between $1,740 and $1,720, following a decent rebound from the $1,700 psychological support.

The US government bond yields also traded in a sideways momentum, while the Dollar Index (DXY) remained rangebound below the crucial 92.00 level, ahead of the FOMC meeting on Wednesday. That said, gold will also maintain a sideways momentum ahead of tomorrow’s event, considering that it takes its trading cues from these two investment vehicles.

Meanwhile, today’s economic data release—US Retail Sales and Industrial Production—failed to make a dent in gold’s price dynamics, despite the data coming in worse than expected. Analysts assert that poor weather conditions were likely responsible for the drop in production in the US. They added that global supply shortages could also be a reason for the decline and noting that it could persist for a while.

Apart from the FOMC event scheduled for tomorrow, there are other major gold-sensitive events slated for Thursday, including the BoE interest rate and comments for ECB President Christine Lagarde. Gold traders will also be taking clues from the results of these events.

Wednesday’s FOMC Meeting
In tomorrow’s FOMC monetary policy decision, the bank is likely to keep interest rates its current rate (0.25%) and rate of asset purchases at $120 billion per month.

The Fed will also be releasing new economic projections, which will be intently monitored by traders considering that officials have echoed the possibility of an inflation hike in the short-term.

Moving on, market participants will be keeping an eye out for information about when or if the Fed could respond to further increases in US government bond yields.

 

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Gold (XAUUSD) Upward Move Is Facing Rejection at Level 1740, the Downtrend May Resume

Gold (XAUUSD) Upward Move Is Facing Rejection at Level 1740, the Downtrend May Resume

Key Resistance Levels: $1,900, $1,950, $2000
Key Support Levels: $1,750, $1, 700,$1,650

Gold (XAUUSD) Long-term Trend: Bearish
Gold is presently in a downward move. Today, the price is correcting upward and retesting the resistance at level 1740. In the previous downtrend on January 18; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that Gold is expected to fall to level 1.618 Fibonacci extension. That is the low of level 1700. The price action has confirmed this low but the downtrend will resume it faces rejection at level 1740.

XAUUSD – Daily Chart

Daily Chart Indicators Reading:
The price has fallen to level 39 of the Relative Strength Index period 14. It indicates that Gold is in the downtrend. The price has broken below SMAs which indicates that Gold is falling. The SMAs are sloping southward.

Gold (XAUUSD) Medium-term bias: Bearish
On the 4 hour chart, the XAUUSD is also falling. On March 8, the price fell to level 1680 but corrected upward. The upward correction was rejected at level 1740. On the upside, Gold will resume upward if price breaks the resistance at level 1740. The downtrend will resume if the resistance remains unbroken.

XAUUSD – 4 Hour Chart

4-hour Chart Indicators Reading
XAUUSD is above the 80% range of the daily stochastic. The market has reached the overbought region. The price is likely to fall. The SMAs are sloping downward indicating the downtrend.

General Outlook for Gold (XAUUSD)
XAUUSD is falling after rejection from level 1740. If price falls and breaks level 1680, the downtrend will resume. Otherwise, the current uptrend will continue on the upside.

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Gold (XAUUSD) Fluctuates Above Level 1700.000, Further Selling Likely

Gold (XAUUSD) Fluctuates Above Level 1700.000, Further Selling Likely

Key Resistance Levels: $1,900, $1,950, $2000
Key Support Levels: $1,750, $1, 700,$1,650

Gold (XAUUSD) Long-term Trend: Bearish
Gold is presently in a downward move. The market is falling because the bulls are retesting level 1880 to break it. This resulted in a further downward move. On February 4 downtrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that Gold is expected to fall to level 2.618 Fibonacci extension. That is the low of level 1645.153.

XAUUSD – Daily Chart

Daily Chart Indicators Reading:
The price has fallen to level 29 of Relative Strength Index period 14. It indicates that Gold is in the oversold region. The price has broken below SMAs which indicates that Gold is falling. The SMAs are sloping southward.

Gold (XAUUSD) Medium-term bias: Bearish
On the 4 hour chart, the XAUUSD is also falling. On February 26 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that Gold is expected to decline to level 1.618 Fibonacci extension . That is the low of level 1657.570.

XAUUSD – 4 Hour Chart
  1. 4-hour Chart Indicators Reading
    XAUUSD is above the 30% range of the daily stochastic. The bullish momentum is unsteady. The stochastic bands are sloping horizontally. The SMAs are sloping downward indicating the downtrend.

    General Outlook for Gold (XAUUSD)
    XAUUSD is now fluctuating above level 1700. The price corrected upward but was resisted at level 1740. If the current support holds, Gold will resume an upward move. However, the selling pressure will resume, if the current support is breached.

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Gold Price: Upside Bias Softens on XAUUSD Beneath $1800 Level Amid a Pickup in the US Bond Yields

Gold Price: Upside Bias Softens on XAUUSD Beneath $1800 Level Amid a Pickup in the US Bond Yields

XAUUSD Price Analysis – February 25

Gold (XAUUSD) continues to struggle to stay afloat selling pressure within a confined range below the $1800 level through the mid-European session. The XAUUSD pair altered south in the early trading hours of Thursday and dropped to a low of $1787. A modest pickup in the US Treasury bond yields collaborated to cap the non-yielding yellow metal.

Key Levels
Resistance Levels: $2015.00, $1959.40, $1875.73
Support Levels: $1760.75, $1670.00, $1572.82
XAUUSD Long term Trend: Ranging
After closing the prior day past the $1800 level, the bears retain control amid a technical break to the downside at the day’s start. The price of Gold confirmed a breakdown towards the ascending trendline support while trading at lows of 1787 level.

The bearish break calls for a retest of the prior day’s low at the $1783 level, below which the measured target of the horizontal support at $1760 could be challenged at the ascending trendline zone. The downside bias also got additional credence after the price breached the MA 5 around $1795, where the moving averages 5 and 13 converge.
XAUUSD Short term Trend: Bearish
From a technical perspective, the commodity has been oscillating beneath its downside channel beneath horizontal resistance at $1875 as seen in the lower time frame. With the latest decline, the Relative Strength Index on the four-hour chart dropped below its midline at 50, suggesting that the bearish momentum is building up in the near-term.

On the downside, the initial support is located at $1760, where the 38.2% retracement of the prior week’s low is registered. If a four-hour candle manages to close below that level, XAUUSD could extend its slide to the next level (23.6% retracement) around $1700 marks.

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Gold Pulls back to key level

Gold Pulls back to key level

Key Support: 1765
Key Resistance: 1775 – 1785

Long term view
Gold, as we have been discussing, is in a very bullish momentum due to investors seeking to protect their capital facing a capital markets collapse due to the pandemic we are living in.

We have seen Gold pull back 15% from all time highs to this exact level (1765).

15M chart reading
Gold made a weekly low at the 17660 level and has now printed a new higher high. We are looking to trade the breakout of the pullback above the previous base (1775)
Since we are trading a reversal on a big bearish move at the bottom of the week´s range we should only buy if the previous highs break which would also mean the continuation pattern is in play.

Targets should be at the previous daily highs and the setup is invalidated if Gold breaks the previous lows (1769)

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Gold (XAUUSD) Is Testing Level 1769.526, Further Selling Pressure Likely

Gold (XAUUSD) Is Testing Level 1769.526, Further Selling Pressure Likely

  1. Key Resistance Levels: $1,900, $1,950, $2,000
    Key Support Levels: $1.700, $1,650,$1,600

    Gold (XAUUSD) Long-term Trend: Bearish
    Gold (XAUUSD) is presently in a downward movement. It fell to level 1785.526 and corrected upward. The upward correction was terminated at level 1855.455. The market has resumed its downward move. On February 4 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that Gold is expected to fall to level 1.272 Fibonacci extension and reverse. That is the low of level 1737.633.
XAUUSD – Daily Chart

Daily Chart Indicators Reading:
The price has fallen to level 33 of Relative Strength Index period 14. It indicates that Gold is approaching the oversold region. The price has broken below SMAs which indicates that Gold is falling. The SMAs are sloping downward, confirming the downtrend.

Gold (XAUUSD) Medium-term bias: Bearish
On the 4 hour chart, the XAUUSD is still on a downward move. On February 4 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that Gold is expected to fall to level 1.272 Fibonacci extension and reverse. That is the low of level 1745.746.

XAUUSD – 4 Hour Chart

4-hour Chart Indicators Reading
According to the daily stochastic, XAUUSD has fallen below the 20% range of the daily stochastic. The stochastic bands are sloping horizontally as the selling pressure persists. The SMAs are sloping downward indicating the downtrend.

General Outlook for Gold (XAUUSD)
Gold is testing the current support level at level 1769.526. If the support is broken it will be an indication of the further downward movement of price. According to the Fibonacci tool, the market will fall and reverse at level 1737.633.

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  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8

Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.