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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 drops below the $1,800 high. The bulls could not sustain the bullish momentum above the $1,800 high. XAUUSD fell to the low of $1,747.50 as it continued the downward move. On the downside; the market is likely to decline to the previous low at $1,680.
Daily Chart Indicators Reading:
Gold is at level 42 of the Relative Strength Index for period 14. XAUUSD has fallen to the bearish trend zone and may further decline. The price is below the moving average lines which signals the resumption of downward price movement. The 21-day line SMA and the 50 –day line SMA are sloping downward indicating a downtrend.
Gold (XAUUSD) Medium-term bias: Bearish
On a weekly chart, Gold is in a downward move as the price breaks below the moving average lines. On July 25 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 $1,490.25.
Weekly Chart Indicators Reading
Gold is below the 40% range of the daily stochastic. The market is in a bearish momentum. The price bars are below the 21-day SMA and the 50-day SMA indicating a further downward move.
General Outlook for Gold (XAUUSD)
Gold’s (XAUUSD) price is likely to further decline to the downside as it drops below the $1,800 high. The altcoin is declining after rejection at the $1,800 high. Gold will further decline to the low of $1,490.
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