Gold Buyers Show Resilience Despite Their Recent Losing Streak

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Market Analysis – January 18th

Gold buyers show resilience despite their recent losing streak. Gold continues to defy expectations as buyers remain in control of the market. Despite experiencing a losing streak in the past few days, gold is ready to bounce back.

The buyers have displayed remarkable resilience, refusing to back down. The bears exerted their strength, pushing the price down to the critical level of 2002.780 a few days ago. However, the buyers are determined to return to action and regain control.

Gold (XAUUSD) Key Levels

Resistance Levels: 2153.400, 2085.450
Support Levels: 1856.630, 1809.000

Gold (XAUUSD) Long-Term Trend: Bullish

Despite a decline in momentum since the beginning of the year, gold remains in a bullish trend. The Bulls have been active since last year and are eager to maintain their momentum. They have been pressing forward since October of last year, with their intensity escalating up to the significant zone of 2085.470.

However, the sellers staged a comeback at the start of the new year, causing a temporary setback for the bulls. Currently, market volatility is relatively low, which explains why the Bollinger Band indicator is not well spread out.

With the gradual compaction in market volatility, it may take some time for the bulls to make further progress. The momentum indicator has slid below the 0.00 level, indicating that the buyers are making gains but still lack a strong impulse.

Gold (XAUUSD) Short-Term Trend: Bullish

On the short-term trend, the bulls are also making a comeback after their fightback. It may take some time for their response to balance out, but they are bound to take charge soon.

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