Gold Consolidates as It Faces Rejection at the $1,800 Resistance Zone

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

Gold (XAUUSD) Long-term Trend: Bullish
Gold is in an upward correction as it faces rejection at the $1,800 resistance zone. The Gold price failed to break above the 50-day line SMA as it pulled back. Today, Gold is fluctuating between the moving average lines. The market will trend when the moving average lines are breached. Nonetheless, as bulls fail to break the 50-day line SMA, the market will resume a range-bound move between the moving average lines.

Daily Chart Indicators Reading:
Gold is at level 54 of the Relative Strength Index for period 14. It indicates that Gold is in the uptrend zone and may further rise. The 21-day line SMA and the 50 –day line SMA are sloping downward indicating a downtrend. Gold price bars are between the 21-day line SMA and the 50-day line SMA indicating a range move.

Gold (XAUUSD) Medium-term bias: Bullish
On the 4-hour chart, Gold is in an uptrend as price reached the high of $1,792. The market has retraced above the moving average. The upward movement will continue if price holds above the moving average lines.

4-hour Chart Indicators Reading
Gold is below the 60% range of the daily stochastic. The market is in a bearish momentum. The 21-day SMA and the 50-day SMA are sloping upward indicating an uptrend. Gold will rise if price remains above the moving average lines

General Outlook for Gold (XAUUSD)
Gold’s (XAUUSD) price is in a downtrend as it faces rejection at the $1,800 resistance zone. The uptrend is stuck below the $1,800 resistance zone.


You can purchase crypto coins here. Buy LBlock


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.