Gold Is in a Bearish Double Top as It Declines to $1,748

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 downtrend as it declines to $1,748. XAUUSD is falling  to the previous low of $1,799. The current fall has reached the oversold region. The market has declined and it is approaching the historical price of January 28. In the meantime, the current selling pressure has subsided as the market reaches the oversold region.

Daily Chart Indicators Reading:
Gold is at level 30 of the Relative Strength Index for period 14. XAUUSD has fallen to the oversold region of the market. The 21-day line SMA and the 50-day line SMA are sloping southward indicating the downtrend

Gold (XAUUSD) Medium-term bias: Bearish
On the weekly chart, Gold is in a downtrend as price breaks below the moving averages. On March 14 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 $1,748.51.

Weekly Chart Indicators Reading
XAUUSD is below the 50% range of the daily stochastic. The market is in bearish momentum. The 21-day SMA and the 50-day SMA are sloping upward indicating the previous trend.

General Outlook for Gold (XAUUSD)
Gold’s (XAUUSD) price is in a downtrend as it declines to $1,748. The market is expected to further decline below the moving averages. The bearish momentum will extend to the low of $1,748 price level.


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