Gold Is in a Positive Momentum but Faces Rejection at $1,828

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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: Bullish
Gold is currently testing the $1,810 high but faces rejection at $1,828. The overbought zone has been achieved by positive momentum. Buyers have been unable to maintain the price above the $1,840 high since November 16. A retraced candle body on the upswing of November 16 tested the 78.6% Fibonacci retracement line. The retracement suggests that Gold will increase, but that it will turn around at the level of the 1.272 Fibonacci extensions, or $1,828.08.Price increases are unlikely to continue as Gold enters the overbought area of the market.

Gold Is in a Positive Momentum but Faces Rejection at $1,828
XAUUSD – Daily Chart

Daily Chart Indicators Reading:
On the Relative Strength Index for period 14, Gold is at level 64. As it moves closer to the overbought area of the market, it is in the uptrend zone. The fact that the price bars have held above the moving average lines indicates that Gold is going upward. The moving average lines are pointing northward indicating the uptrend.

Gold (XAUUSD) Medium-term bias: Bullish
Gold is trading in the bullish trend zone on the 4-hour chart. After reaching the $1,820 high, it has started to decline. Despite retracing, it has managed to hold above the $1,800 support. Since the uptrend is now overbought, sellers will enter the market and drive prices lower.

 Gold Is in a Positive Momentum but Faces Rejection at $1,828
XAUUSD – 4 Hour Chart

4-Hour Chart Indicators Reading
Due to its location beneath the daily Stochastic’s level 80, Gold is in a bearish momentum. The fact that the price bars are higher than the moving averages suggests that Gold may be on the rise. The upswing is also indicated by the increasing slope of the moving average lines.

General Outlook for Gold (XAUUSD)
The price of Gold has moved into an overbought area but faces rejection at $1,828. As the market moves closer to overbought territory, more price increases are improbable. The present rise has achieved bullish exhaustion. At $1,828.08, the present upward trend is anticipated to turn around.


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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.