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

Updated:

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.


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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.