Key Resistance Levels: $1,900, $1,950, $2000
Key Support Levels: $1,750, $1, 700, $1,650
Gold (XAUUSD) Long-term Trend: Bullish
The price of Gold is rising as it challenges resistance at $1,820. Its price is making a series of higher highs and higher lows in successive waves. The $1,800 high is preventing the upward movements. In addition, Gold is getting close to the overbought area of the market. A retraced candle body tested the 78.6% Fibonacci retracement line on the upward movement of November 15. According to the retracement, Gold will increase but will turn around at the price of the 1.272 Fibonacci extensions, or $1,831.13 per ounce. Price increases are unlikely to continue given that Gold has reached the overbought area of the market.
Daily Chart Indicators Reading:
On the Relative Strength Index for period 14, Gold is at level 56. As it approaches the overbought area of the market, it is in the rising zone. The price bars persisted in remaining above the moving average lines, indicating a rise in the price of Gold. The direction of the moving average lines, which point north, indicates an uptrend.
Gold (XAUUSD) Medium-term bias: Bullish
Gold trades above the moving average lines on the 4-hour chart. It has now climbed to the overbought area. It is currently retesting at a $1,820 high. If the high of $1,820 is rejected, XAUUSD might fall.
4-Hour Chart Indicators Reading
Because it is trading above the daily Stochastic level of 80, Gold is in a bullish momentum. The price bars are higher than the moving averages, indicating a potential increase in the price of Gold. Another indication of an upswing is the moving average lines’ increasing slope.
General Outlook for Gold (XAUUSD)
The price of Gold is rising as it challenges resistance at $1,820. Bullish exhaustion has been reached in the uptrend. Since gold has overbought, further upward movement is unlikely.
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