Gold Consolidates Above $1,790 as Market Reaches Oversold Region

Service for copy trading.

High profitable signals.

24/7 cryptocurrency trading.

10 minute setup with significant benefits.

79% Success rate.

Up to 40 trades per month.

Monthly subscriptions begin at £58.

L2T Algo

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 (XAUUSD) is in a downtrend as market reaches oversold region. The upward correction was terminated at $1,830. The selling pressure resumed after two unsuccessful attempts to break the $1,830 resistance. As price breaks below the moving averages, the downtrend may resume. Meanwhile, on December 2 downtrend, retraced candle body tested the 50% Fibonacci retracement level. The retracement suggests that Gold will fall to level 2.0 Fibonacci extension or $1,637.68.

Gold Consolidates Above $1,790 as Market Reaches Oversold Region — XAUUSDF – Daily Chart

Daily Chart Indicators Reading:
Gold price is below the moving averages which indicate a possible fall of Gold. Gold is at level 42 of the Relative Strength Index for period 14. The market has reached the downtrend zone and is capable of further decline. The 21-day SMA and the 50-day SMA are sloping horizontally indicating the sideways trend.

Gold (XAUUSD) Medium-term bias: Bullish
On the 4 hour chart, the Gold price is in an upward move. The price is making a series of higher highs and higher lows indicating an uptrend. Buyers were repelled twice as they attempt to break above the $1.830 resistance level. Consequently, the Gold price fell to the low of $1,790.

4-hour Chart Indicators Reading
Gold is below the 20% range of the daily stochastic. The rejection has caused the price to fall to the oversold region. This implies that selling pressure has reached bearish exhaustion. Buyers are likely to emerge in the oversold region. The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend.

General Outlook for Gold (XAUUSD)
Gold’s (XAUUSD) price is in a downward move as market reaches oversold region. As price falls to the oversold region, the selling pressure is likely to end. The price is consolidating above level $1,790 as the market reaches the oversold region.

You can purchase crypto coins here. Buy Tokens

Note: Learn2Trade.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.