Gold rallies to monthly highs after dovish FOMC day

Gold rallies to monthly highs after dovish FOMC day

Key Support: 1825
Key Resistance: 1833 – 1850

Gold is very bullish. I’ve been saying this for months. The hedge against inflation is this metal and even though price action has been VERY volatile and choppy most of the time; long term the bullish structure is in play.

On Wednesday, Gold saw by the end of the day an influx of buying volume after Chairman Powell’s press conference where he centered the attention on current and near future high inflation and the Fed keeping the pace of this round of QE to continue to boost the economy which is still suffering from the Pandemic (and current increases in cases) shutdown. The Fed had 2 choices, to fight inflation now and hike rates and start tapering down its asset purchasing program or to continue to boost the economy with its inflationary program. They chose the latter.

This was extremely bullish for Gold. We saw a +2.25% rally from Wednesday’s lows to yesterday’s highs. The level capping the upside in Gold id this month’s highs (1833). The last time price traded at this level Gold dipped 2.5% in a very long (1 month long) ABC pullback.

Today’s trade is an easy break of the monthly highs on a very tight daily range.

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Gold (XAUUSD) Regains Bullish Momentum, Targets Level $1,846.13

Gold (XAUUSD) Regains Bullish Momentum, Targets Level $1,846.13

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

Gold (XAUUSD) Long-term Trend: Bullish
On June 29, XAUUSD fell to the low of $1,755 as bulls bought the dips. XAUUSD rebounded above the current support as buyers pushed the Gold price to the high of $1,834. Gold was rejected at the recent high on July 15. Today, buyers are retesting the same resistance level to break it. On the upside, if the resistance at level $1,834 is breached, the market will rally to $1,880 high. Meanwhile, on July 15 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that Gold will rise to level 1.618 Fibonacci extension or level $1,886.69.

XAUUSD – Daily Chart

Daily Chart Indicators Reading:
Gold has risen to level 60 of the Relative Strength Index period 14. It indicates that Gold is in the uptrend zone and above the centerline 50. The 21-day SMA and 50-day SMA are sloping upward indicating the uptrend. A break above the 50-day SMA will propel Gold to rise.

Gold (XAUUSD) Medium-term bias: Bullish
On the 4 hour chart, the Gold price has fallen to a low of $1,794.The gold price was fluctuating between levels $1,794 and $1,807 before the eventual breakout. Meanwhile, on July 26 uptrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that Gold will rise to level 2.618 Fibonacci extension or level $1,846.13.

XAUUSD – 3 Hour Chart

4-hour Chart Indicators Reading
Gold is above the 80% range of the daily stochastic. It indicates that the market has reached the overbought region of the market. The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend.

General Outlook for Gold (XAUUSD)
XAUUSD has resumed upward move as bulls bought the dips. Gold’s price rebounded above the previous low of $1,794 to reach the high of $1,830. According to the Fibonacci tool, the market will rise to level $1,846.13.


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Gold (XAUUSD) Declines, May Reach Level $1,732

Gold (XAUUSD) Declines, May Reach Level $1,732

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

Gold (XAUUSD) Long-term Trend: Bearish
XAUUSD price corrected upward after the recent breakdown to level $1,755. The current uptrend is facing resistance at $1,834. Following the recent resistance, Gold retraced to the support above $1,800 or above the 21-day SMA. Meanwhile, on June 18 downtrend, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that Gold will fall to level 1.618 Fibonacci extension or level $1,673.58.

XAUUSD – Daily Chart

Daily Chart Indicators Reading:
Gold has fallen to level 46 of the Relative Strength Index period 14. It indicates that Gold is in the downtrend zone and below the centerline 50. The 21-day SMA and 50-day SMA are sloping downward indicating the downtrend. A break above the 50-day SMA will propel Gold to rise.

Gold (XAUUSD) Medium-term bias: Bullish
On the 4 hour chart, the Gold price has fallen to a low of $1,794. The current upward move is facing resistance at $1,810 high. The price bars are below moving averages which suggests that Gold will fall. The upward move will resume if gold finds support.

XAUUSD – 4 Hour Chart

4-hour Chart Indicators Reading
Gold is above the 60% range of the daily stochastic. It indicates that the market is in a bullish momentum. The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend.

General Outlook for Gold (XAUUSD)
XAUUSD upward move is facing rejection at the high of $1,830. Meanwhile, on July 19 downtrend, a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that Gold will fall to level 2.618 Fibonacci extension or level $1,732.94.

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Gold (XAUUSD) Faces Rejection at $1,800 Resistance, Downtrend Likely

Gold (XAUUSD) Faces Rejection at $1,800 Resistance, Downtrend Likely

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

Gold (XAUUSD) Long-term Trend: Bullish
XAUUSD upward move is facing rejection at the $1,834.19 high. On June 18, the XAUUSD fell to the $1,764 support. Gold price retested the support before the upward move. Gold is facing rejection because the market has reached the overbought region. The price broke the 21-day SMA but faced rejection at the 50-day SMA.

XAUUSD – Daily Chart

Daily Chart Indicators Reading:
Gold has risen to level 57 of the Relative Strength Index period 14. It indicates that Gold is in the uptrend zone and above the centerline 50. The 21-day SMA and 50-day SMA are sloping downward indicating the downtrend. A break above the 50-day SMA will propel Gold to rise.

Gold (XAUUSD) Medium-term bias: Bullish
On the 4 hour chart, the Gold price rose to $1,833 high but reached the overbought region. Meanwhile, on July 13 uptrend, a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that Gold will rise to level 2.0 Fibonacci extension. The market is declining as price reaches the overbought region.

XAUUSD – 4 Hour Chart

4-hour Chart Indicators Reading
Gold is above the 80% range of the daily stochastic. It indicates that the market has reached the overbought region. Sellers have emerged to push price downThe 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend.

General Outlook for Gold (XAUUSD)
XAUUSD’s price is retracing as price reaches the overbought region. The market retraced to $1,823 low and resumed fluctuation below the recent high. Gold price is facing a second rejection. If price falls and breaks below the SMAs, the selling pressure will accelerate to the previous low. Otherwise, the current fluctuation will continue below the resistance.

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Gold (XAUUSD) Recovers above Level $1,760 but Struggles to Break $1,800 High

Gold (XAUUSD) Recovers above Level $1,760 but Struggles to Break $1,800 High

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

Gold (XAUUSD) Long-term Trend: Bullish
XAUUSD has resumed an upward move after falling to the low of level $1,760 on June 18. On June 29, the bears retested the support as Gold resumed upward. The implication is that the uptrend has resumed as price fails to break the current support the second time. From the Fibonacci tool, Gold has reached bearish exhaustion at the 2.618 Fibonacci extensions as price resumes upward.

XAUUSD – Daily Chart

Daily Chart Indicators Reading:
Gold has risen to level 48 of the Relative Strength Index period 14. It indicates that Gold is in the downtrend zone and below the centerline 50. The 21-day SMA and 50-day SMA are sloping downward indicating the downtrend. The Gold price has broken above the 21-day SMA. A break above the 50-day SMA will propel Gold to rise.

Gold (XAUUSD) Medium-term bias: Bullish
On the 4 hour chart, the Gold price has resumed its upward move. Meanwhile, on July 6 uptrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that Gold will rise to level 1.272 Fibonacci extension and reverse. From the price action, the Gold price is rising to reach the Fibonacci level.

XAUUSD – 4 Hour Chart

4-hour Chart Indicators Reading
Gold is above the 40% range of the daily stochastic. It indicates that the market has reached bullish momentum. The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend.

General Outlook for Gold (XAUUSD)
XAUUSD’s price has recovered above $1,760 support. Gold price is rising as the 21-day SMA crosses above the 50-day SMA. According to the Fibonacci tool, Gold will rise to level 1.272 Fibonacci extension and reverse. That is at level $1,830.71


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Gold (XAUUSD) Is in a Sideways Trend as Bulls and Bears Reach Indecision

Gold (XAUUSD) Is in a Sideways Trend as Bulls and Bears Reach Indecision

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

Gold (XAUUSD) Long-term Trend: Ranging
XAUUSD is range-bound above level $1,760 support. The Gold downward move has been terminated above level $1,760. Since June 18, the price has been fluctuating above the current support. XAUUSD has ended its bearish trend above level $1,760. The market will rise if the current support holds.

XAUUSD – Daily Chart

Daily Chart Indicators Reading:
Gold has fallen to level 37 of the Relative Strength Index period 14. It indicates that Gold is near the oversold region of the market. . The 21-day SMA and 50-day SMA are sloping downward indicating the downtrend. Gold is presently in a bearish trend zone as price is below the SMS.

Gold (XAUUSD) Medium-term bias: Ranging
On the 4 hour chart, the Gold price is in a range-bound move. The price has been in a range-bound between level $1,760 and $1,793. For the past week, Gold is yet to trend as it is confined in a range. Presently, the Gold is still in a range-bound move within the confined range.

XAUUSD – 4 Hour Chart

4-hour Chart Indicators Reading
Gold is below the 80% range of the daily stochastic. It indicates that the market has reached the overbought region of the market. The selling pressure is exhausted as buyers emerge. The 21-day SMA and the 50-day SMA are sloping downward indicating the downtrend.

General Outlook for Gold (XAUUSD)
XAUUSD’s price has been consolidating above $1,760. The Gold price has been stable as the price action is characterized by small body indecisive candlesticks called Doji and Spinning tops. These candlesticks indicate that buyers and sellers are undecided about the direction of the market.


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Gold (XAUUSD) In a Range-Bound Move, Remains Stable Above $1,760

Gold (XAUUSD) In a Range-Bound Move, Remains Stable Above $1,760

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

Gold (XAUUSD) Long-term Trend: Bearish
XAUUSD is in a downward correction. Gold fell to the low above $1,760 and resumed a range-bound move above the current support. For the past week, the Gold price has been consolidating above the current support. On June 3 downtrend, a retraced candle body tested the the38.2% Fibonacci retracement level. The retracement indicates that Gold will fall to level 2.618 Fibonacci extension or level $1,757.27. From the price action, the market is still consolidating above level 2.618 Fibonacci extension or level $1,757.27.

XAUUSD – Daily Chart

Daily Chart Indicators Reading:
Gold has fallen to level 34 of the Relative Strength Index period 14. It indicates that Gold is near the oversold region of the market. It implies that the selling pressure has been exhausted and buyers are likely to emerge. The 21-day SMA and 50-day SMA are sloping downward indicating the downtrend.

Gold (XAUUSD) Medium-term bias: Ranging
On the 4 hour chart, the XAUUSD price is in a range-bound move. The price has been in a range-bound between level $1,766 and $1,793. For the past week, Gold is yet to trend as it is confined in a range. Presently, the Gold is still in a range-bound move within the confined range.

XAUUSD – 4 Hour Chart

4-hour Chart Indicators Reading
Gold is below the 20% range of the daily stochastic. It indicates that it has fallen to an oversold region of the market. The selling pressure is exhausted as buyers emerge. The 21-day SMA and the 50-day SMA are sloping downward indicating the downtrend.

General Outlook for Gold (XAUUSD)
XAUUSD’s price has remained range-bound after falling to the low above $1,760. Gold price is fluctuating below and above 21-day SMA. For the past week, the Gold price has remained stable above the current support.

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Gold (XAUUSD) Drops Sharply, May Find Support above $1,760

Gold (XAUUSD) Drops Sharply, May Find Support above $1,760

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

Gold (XAUUSD) Long-term Trend: Bearish
XAUUSD is in a downtrend. Since May 31, the upward move is facing resistance at $1900. In the first resistance the market decline to $1,860. On June 11, Gold faces another resistance which made it drop sharply. On June 1 downtrend, a retraced candle body tested the the38.2% Fibonacci retracement level. The retracement indicates that Gold will fall to level 2.618 Fibonacci extension or level $1,760.02.

XAUUSD – Daily Chart

Daily Chart Indicators Reading:
XAUUSD has fallen to level 29 of the Relative Strength Index period 14. It indicates that Gold has fallen to the oversold region of the market. It implies that the selling pressure has been exhausted and buyers are likely to emerge. The 21-day SMA and 50-day SMA are sloping upward indicating the uptrend.

Gold (XAUUSD) Medium-term bias: Bearish
On the 4 hour chart, the XAUUSD price is in a downward move. Since May 25, buyers have been struggling to break above the $1,900 resistance. On June 4 downtrend, a retraced candle body tested the the38.2% Fibonacci retracement level. The retracement indicates that Gold will fall to level 2.618 Fibonacci extension or level $1,771.09.

XAUUSD – 4 Hour Chart

4-hour Chart Indicators Reading
Gold is below the 20% range of the daily stochastic. It indicates that it has fallen to an oversold region of the market. The selling pressure is likely to be exhausted as buyers emerge. The 21-day SMA and the 50-day SMA are sloping downward indicating the downtrend.

General Outlook for Gold (XAUUSD)
XAUUSD’s price is in a downward move after rejection at level $1,900. The market has fallen to the low of above $1,760. If the current support holds, the uptrend will resume.


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Gold (XAUUSD) Faces Rejection at $1,900 as Selling Pressure Resumes

Gold (XAUUSD) Faces Rejection at $1,900 as Selling Pressure Resumes

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

Gold (XAUUSD) Long-term Trend: Bullish
XAUUSD is in an uptrend. Presently, the upward move is facing resistance at $1,900. Since June 3, the uptrend was repelled as the market declined to $1,860. Gold is now fluctuating between the current support and the resistance. The uptrend will continue if the current support holds.

XAUUSD – Daily Chart

Daily Chart Indicators Reading:
XAUUSD is at level 53 of the Relative Strength Index period 14. It indicates that Gold is in the uptrend zone and above the centerline 50. Gold has room to rally on the upside. The 21-day SMA and 50-day SMA are sloping upward indicating the uptrend. Gold has broken below the 21-day SMA. A break below the support line of the ascending channel will mean a further downward movement of prices.

Gold (XAUUSD) Medium-term bias: Ranging
On the 4 hour chart, the XAUUSD price is in a sideways move. The uptrend is facing rejection at a high of $1,910. Buyers are now struggling to break above the minor resistance at $1,900.

XAUUSD – 4 Hour Chart

4-hour Chart Indicators Reading
Gold is below the 80% range of the daily stochastic. It is in a bearish momentum. . The 21-day SMA and the 50-day SMA are sloping horizontally indicating the sideways trend.

General Outlook for Gold (XAUUSD)
XAUUSD’s price is in a downward move because of the resistance at $1,910. The selling pressure will continue as price breaks below the moving averages.



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

Gold (XAUUSD) Is in an Impressive Bullish Run, Pauses above $1,890

Gold (XAUUSD) Is in an Impressive Bullish Run, Pauses above $1,890

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

Gold (XAUUSD) Long-term Trend: Bullish
XAUUSD is in an uptrend. Gold has risen tremendously from its previous low of $1,680 to $1,890. The market reached the high of $1,925 and was repelled. Gold retraced to the support of the 21-day SMA. The uptrend will resume if the 21-day SMA holds. However, if prices break below the 21-day SMA, the downtrend will resume.

XAUUSD – Daily Chart

Daily Chart Indicators Reading:
XAUUSD is at level 55 of the Relative Strength Index period 14. It indicates that Gold is in the uptrend zone and above the centerline 50. The 21-day SMA and 50-day SMA are sloping upward indicating the uptrend. Gold has a bullish crossover. The 21-day SMA crosses above the 50-day SMA which indicates a buy signal.

Gold (XAUUSD) Medium-term bias: Bullish
On the 2 hour chart, the XAUUSD price is in an upward move. The current bullish trend has reached the overbought region of the market. Meanwhile, on June 4 uptrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that Gold will rise to level 1.272 Fibonacci extensions or level $1,903.10.

XAUUSD – 4 Hour Chart

4-hour Chart Indicators Reading
Gold is above the 80% range of the daily stochastic. It is in a bullish momentum. XAUUSD has reached the overbought region of the market. The 21-day SMA and the 50-day SMA are sloping upward indicating an uptrend.

General Outlook for Gold (XAUUSD)
XAUUSD’s price is in an upward move. The gold price has currently reached the overbought region of the market. The market declines and finds support above $1,850. XAUUSD is likely to resume an upward move.



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Author : Azeez Mustapha

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