Key Resistance Levels: $1,900, $1,950, $2000
Key Support Levels: $1,750, $1, 700,$1,650
Gold (XAUUSD) Long-term Trend: Bullish
Gold (XAUUSD) is in an uptrend as it targets the $2,020 high. The bulls have also broken above the resistance at $1,870. The market has reached a high of $1,950. Presently, Gold is fluctuating below the recent high. On February 24 uptrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that Gold will rise but reverse at level 1.272 Fibonacci extension or $2,020.72.
Daily Chart Indicators Reading:
Gold is at level 69 of the Relative Strength Index for period 14. The gold price has reached the overbought region of the market. There is a long candlestick tail pointing towards the resistance zone. This indicates that the recent high has strong selling pressure. Therefore further upward movement of prices is doubtful. The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend.
Gold (XAUUSD) Medium-term bias: Bearish
On the 4-hour chart, the Gold price is in an uptrend. On February 24, the Gold price rebounded to reach the high $1,950 but was repelled immediately. The price fell above the moving averages as the market continues its upward move.
4-hour Chart Indicators Reading
XAUUSD is above the 40% range of the daily stochastic. A bullish trend line is drawn showing the support levels of prices. 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 an uptrend as it it targets the $2,020 high. The market has reached the overbought region. Sellers will emerge in the overbought region push prices down.
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.
- Broker
- Min Deposit
- Score
- Visit Broker
- 20% welcome bonus of upto $10,000
- Minimum deposit $100
- Verify your account before the bonus is credited
- Award-winning Cryptocurrency trading platform
- 14 Cryptoassets available to invest in
- FCA & Cysec regulated
Highly volatile unregulated investment products. No EU investor protection.
- Over 100 different financial products
- Invest from as little as $10
- Same-day withdrawal is possible
- Award-winning Cryptocurrency trading platform
- $100 minimum deposit,
- FCA & Cysec regulated
- Fund Moneta Markets account with a minimum of $250
- Opt in using the form to claim your 50% deposit bonus