Gold Holds above $1,840 as It Continues Its Sideways Trend

Updated:

Checkmark

Invest at least $250 in D2T to gain lifetime access to our VIP Signals

Checkmark

Get early access to Dash 2 Trade’s Presale. Buy the D2T token now

Checkmark

Existing community of 70,000+ traders

Checkmark

Unlocks access to the leading crypto trading analysis, signals and trading tools

Checkmark

As featured in CryptoNews.com, FXEmpire.com, FXStreet.com and more

Checkmark

World class development team backed by Quant developers and VC investors


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

Gold (XAUUSD) Long-term Trend: Bearish
The gold price has fallen below the moving averages as it continues its sideways trend. In the previous price action, Gold has been fluctuating between the 21-day line SMA and the 50-day line SMA. Today, it has broken below the 21-day line SMA and declined to the low of $1,805. On June 15, buyers pushed Gold above the 21-day line SMA which was repelled at the $1,860 high. The Gold price has fallen below the moving averages indicating a further downward move.

Gold Holds above $1,840 as It Continues Its Sideways Trend
XAUUSD – Daily Chart

Daily Chart Indicators Reading:
Gold is at level 47 of the Relative Strength Index for period 14. XAUUSD has fallen to the bearish trend zone. The 21-day line SMA and the 50 –day line SMA are sloping southward indicating a downtrend. The price bars have fallen below the moving averages indicating a further decline.

Gold (XAUUSD) Medium-term bias: Ranging
On the 4-hour chart, Gold is in a sideways trend. The market is fluctuating between the 21-day line SMA and the 50-day line SMA. As it fell between the moving averages, the Gold will be compelled to a range-bound move between the moving averages. A break below the 21-day line SMA will mean a resumption of the downtrend. Similarly, a break above the 50-day line SMA indicates a further upward move.

Gold Holds above $1,840 as It Continues Its Sideways Trend
XAUUSD – 4 Hour Chart

4-hour Chart Indicators Reading
XAUUSD is below the 80% range of the daily stochastic. The market is in a bearish momentum. . 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 downtrend as it continues its sideways trend.. The market has been fluctuating between $1,850 and $1,875 price levels. Today, the Gold is retracing to the lower price range.


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
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

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
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
Share with other traders!

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.