Key Resistance Levels: $1,900, $1,950, $2000
Key Support Levels: $1,750, $1, 700, $1,650
Gold (XAUUSD) Long-term Trend: Bullish
Gold’s price is increasing as it confronts resistance at $1,820. The $1,820 high is preventing further upward movement. Additionally, Gold is approaching the market’s overbought region. On the upward movement of November 15, a retraced candle body tested the 78.6% Fibonacci retracement line. The retracement predicts that Gold will rise but will reverse course at 1.272 Fibonacci extensions, or $1,828.20 per ounce. Given that Gold has entered the overbought region of the market, price increases are unlikely to continue.
Daily Chart Indicators Reading:
Gold is at level 56 on the Relative Strength Index for period 14. It is rising as it moves closer to the overbought region of the market. Gold’s price is rising as the price bars are above the moving average lines. An upward trend is indicated by the moving average lines’ northward-pointing orientation.
Gold (XAUUSD) Medium-term bias: Bullish
Gold’s trend on the 4-hour chart is sideways. Bullish exhaustion has been reached in the upward trend as it oscillates below the $1,820 resistance level. As bulls bought the dips, the price of XAUUSD has currently fallen below the moving average lines.
4-Hour Chart Indicators Reading
Above the daily Stochastic’s level 30, gold is moving upward. Price bars below moving averages show a decline in Gold’s price. The horizontal sloping of the moving average lines indicates a sideways movement.
General Outlook for Gold (XAUUSD)
Gold is now rising as it confronts resistance at $1,820. XAUUSD is currently trading in the market’s overbought area. The price indicator predicts that Gold will increase but turn around at a level of $1,828.
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