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 sideways move but is unable to sustain above $1,870. XAUUSD price has continued to fluctuate between the 21-day line SMA and the 50-day line SMA. Since May 24, the bulls have retested the resistance at $1,870 on three occasions to break it. A break above the re4sistance will propel Gold to rally above the 50-day line SMA. The current price range will continue for a few days if the bulls fail to break the resistance level.
Daily Chart Indicators Reading:
Gold is at level 54 of the Relative Strength Index for period 14. XAUUSD is in an uptrend zone and capable of a further upward move. The 21-day line SMA and the 50 –day line SMA are sloping horizontally indicating a sideways trend.
Gold (XAUUSD) Medium-term bias: Ranging
On the 4-hour chart, Gold is in a sideways trend. The market is fluctuating below the resistance at $1.870 high. Buyers have failed to keep the price above the $1.870 overhead resistance. Today, buyers are retesting the overhead resistance . Gold is expected to fall as it reaches bullish exhaustion.
4-hour Chart Indicators Reading
XAUUSD is above the 80% range of the daily stochastic. The market has reached the overbought region. Sellers are expected to emerge to push prices down. The 21-day SMA and the 50-day SMA are sloping horizontally indicating a sideways move.
General Outlook for Gold (XAUUSD)
Gold’s (XAUUSD) price is in a sideways move but is unable to sustain above $1,870. The market has been fluctuating between $1,850 and $1,875 price levels. Also, it has been trading between the two moving averages. The uptrend will resume if price breaks above the 50-day line moving average.
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