Gold Declines as It Retests Crucial Support at $1,680

Updated:

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 downward move as it retests crucial support at $1,680. The market has been declining from the high of $1,765. It will decline to the previous low at $1,680. The downtrend will resume when the previous low is broken. The price bars are below the moving average lines which will accelerate the downward move.

Gold Declines as It Retests Crucial Support at $1,680
XAUUSD – Daily Chart

Daily Chart Indicators Reading:
XAUUSD is at level 39 of the Relative Strength Index for period 14. Gold is in the downtrend zone and may further decline. The price bars are below the moving average lines which indicates further selling pressure. The 21-day line SMA and the 50 –day line SMA are sloping downward indicating a downtrend.


Gold (XAUUSD) Medium-term bias: Bearish
On a weekly chart, Gold is in a downward move. The price is making a series of lower highs and lower lows. The selling pressure will resume when price breaks below the $1,680 support. On the July 18 downtrend, a retraced candle body tested the 50 % Fibonacci retracement level. The retracement suggests that Gold will fall to level 2.0 Fibonacci extension or $1,490.25.

Gold Declines as It Retests Crucial Support at $1,680
XAUUSD – Weekly Chart

Weekly Chart Indicators Reading
Gold is below the 40% range of the daily stochastic. The market is in a bearish momentum. The price bars are below the 21-day SMA and the 50-day SMA indicating a further downward move.


General Outlook for Gold (XAUUSD)
Gold’s (XAUUSD) price has resumed selling pressure to the downside as it retests crucial support at $1,680. It will retest and break the $1,680 support before declining further. The market is expected to decline to the low of $1,490.25


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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.