Gold Is in an Uptrend as It Targets the $2,141 High

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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 (XAUUSD) is in an uptrend as it targets the $2,141 high. The uptrend reached the high of $2,070 as it faced rejection. XAUUSD has retraced to level $1,976 and resumed consolidation above the current support. The market is resuming a fresh uptrend. Meanwhile, on March 8 uptrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that Gold will rise but reverse at level 1.272 Fibonacci extension or $2,141.47.

Daily Chart Indicators Reading:
Gold is at level 66 of the Relative Strength Index for period 14. The gold price has earlier reached an overbought region before retracing. It has fallen to the uptrend zone and resumed a fresh uptrend. The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend. Gold price is above the moving averages indicating a possible rise.

Gold (XAUUSD) Medium-term bias: Ranging
On the 1-hour chart, the Gold price is in an upward move. The bulls broke above the 21-line SMA but failed to break above the 50-line SMA. The price is consolidating below 50-line SMA for a possible breakout. Meanwhile, on March 10 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 $2,031.66.

4-hour Chart Indicators Reading
XAUUSD is above the 50% range of the daily stochastic. The stochastic bands are sloping horizontally indicating a range-bound move. The 21-day SMA and the 50-day SMA are sloping horizontally indicating the sideways trend. Gold price is likely to be in the range-bound move as it is above the 21-day SMA but below the 50-day SMA

General Outlook for Gold (XAUUSD)
Gold’s (XAUUSD) price is in an upward move as it targets the $2,141 high. The uptrend is likely to continue if price breaks resistance at $2,070. Presently, the market is consolidating for a possible upward move.


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