Gold Is in a Sideways Move, Fluctuates below $1,870

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 downward correction as it fluctuates below $1,870. Gold is trading above the 21-day line SMA but below the 50-day line SMA. Buyers could not push the Gold to reach the 50-day line SMA, hence the downward move. Gold price is falling to the 21-day line SMA. The selling pressure will persist if price breaks below the 21-day line SMA. On the other hand, the current sideways will continue if the 21-day line SMA support holds.

Daily Chart Indicators Reading:
Gold is at level 46 of the Relative Strength Index for period 14. XAUUSD is in a downtrend zone and capable of a further downward move. The 21-day line SMA and the 50 –day line SMA are sloping horizontally indicating a sideways trend.

Gold (XAUUSD) Medium-term bias: Ranging
On the 4-hour chart, Gold is in a sideways trend. The market is fluctuating below the resistance at $1.870 high. XAUUSD is falling as it breaks below the moving averages. The selling pressure may extend to the low of $1,832 as price breaks below the moving averages.

4-hour Chart Indicators Reading
XAUUSD is below the 80% range of the daily stochastic. The market is in 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 sideways move as it fluctuates below $1,870. The market has been fluctuating between $1,850 and $1,875 price levels. The uptrend will resume if price breaks above the 50-day line moving average.


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