Gold Experiences a Temporary Decline in Seeking Support
Login

Gold Experiences a Temporary Decline in Seeking Support

Estimated Reading Time: 2 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:

Market Analysis – Tuesday, April 23

Gold has exhibited remarkable performance throughout the year, with its price showing consistent upward movement. However, recent market dynamics have prompted a dip in its value, prompting a search for support to bolster buying sentiment.

Key Levels for Gold:

Demand Levels: 2074.30, 1975.80, 1813.50
Supply Levels: 2431.30, 2400.00, 2500.00

Gold Experiences a Temporary Decline in Seeking Support

Long-Term Trend for Gold: Bullish

The year commenced with a phase of accumulation, characterized by price consolidation within the range of 2074.00 to 1976.00. Notably, the Stochastic indicator signaled an oversold condition during this period, followed by a breakout that surpassed the established range.

Since the breakout in March, the XAUUSD price has exhibited consistent upward movement, delineated by swing lows and a discernible bullish trend line. Recent market activity has seen a brief downturn, indicating a temporary weakening of bullish momentum, necessitating renewed support.

Gold Experiences a Temporary Decline in Seeking Support

Short-Term Trend for Gold: Bearish

The recent decline in gold prices has tested a bullish order block, with the daily candle closing in a manner suggesting a willingness to resume the upward trajectory. Furthermore, the price decline has found support at the lower bands of the Bollinger indicator, indicating readiness among buyers to re-enter the market. Consequently, a potential rise towards the last significant swing high of 2431.0 is anticipated.

You can purchase Lucky Block here.  Buy LBLOCK

Note: Learn2.trade 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.

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News