Gold Approaches an Overbought Region as It May Face Rejection at $1,859

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RESULTS

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 downtrend as it may face rejection at $1,859 . The price broke below the moving averages to reach the low of $1,799. For the past week, the support has been holding as Gold made an upward correction to reach the previous highs. The current uptrend is likely to face rejection as the market reaches an overbought region. Meanwhile, on March 14 downtrend; a retraced candle body tested the 50 % Fibonacci retracement level. The retracement indicates that Gold will fall to level 2.0 Fibonacci extension or level $1,748.51.

Daily Chart Indicators Reading:
Gold is at level 43 of the Relative Strength Index for period 14. XAUUSD is in the downtrend zone. It is likely to further decline as it reaches the overbought region. XAUUSD has a bearish crossover. That is the 21-day line SMA crosses below the 50 –day line SMA indicating a sell order. The 21-day line SMA and the 50-day line SMA are sloping downward indicating the downtrend

Gold (XAUUSD) Medium-term bias: Bullish
On the 4-hour chart, Gold is in an upward move as price breaks above the moving averages. XAUUSD has risen and reached an overbought region of the market. The upward move is stalled as price fluctuates below the resistance level.

4-hour Chart Indicators Reading
XAUUSD is above the 80% range of the daily stochastic. The market is in bearish momentum. The 21-day SMA and the 50-day SMA are sloping upward indicating the previous trend.

General Outlook for Gold (XAUUSD)
Gold’s (XAUUSD) price is in a downtrend as it may face rejection at $1,859. Presently, it is making an upward correction to the previous highs. The selling pressure will resume if Gold faces rejection in the overbought region.


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