Gold Is in a Sideways Move but Stuck Below $1,950 High

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

Gold (XAUUSD) Long-term Trend: Bearish
Gold (XAUUSD) is in a downtrend as it fell above $1,900 support but stuck below $1,950 high. Gold is fluctuating between $1,900 and $1,952 price levels. In other words, the Gold price is trading above the 50-day line SMA but below the 21-day line SMA. This implies that Gold price is likely to be range-bound between the moving averages. XAUUSD will trend when price breaks above the 21-day line SMA. The market will rise and revisit the previous high of $2,040. Gold price will continue to fall if the bears break below the 50-day SMA.

Daily Chart Indicators Reading:
Gold is at level 50 of the Relative Strength Index for period 14. It indicates that there is a balance between supply and demand. Gold price is between the moving averages indicating a range-bound move. The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend.

Gold (XAUUSD) Medium-term bias: Bearish
On the 4-hour chart, Gold is in a range-bound move as price breaks above the moving averages. Meanwhile, on April 7 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that Gold will rise to level 1.618 Fibonacci extension or $1,948.08.

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 has resumed a sideways move but stuck below $1,950 high. The price action is characterized by small candlesticks called Doji. It indicates that buyers are sellers are undecided about the direction of the market.

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