Gold Makes an Upward Move, Faces Rejection at Level $1,960

Updated:

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 but faces rejection at level $1,960. On February 24, a bullish candlestick rallied to $1,974 but plunged back to $1,904. The upward move is facing resistance at the $1,920 high. Nonetheless, Gold is trading in the overbought region of the market. The current uptrend is likely to face rejection as prices reach the overbought region.

Gold Makes an Upward Move, Faces Rejection at Level $1,960
XAUUSD – Daily Chart

Daily Chart Indicators Reading:
Gold is at level 69 of the Relative Strength Index for period 14. The gold price has reached the overbought region of the market. Further upward is unlikely as the price hovers above $1,904 high. Sellers will emerge in the overhead region and resume selling pressure in the overbought region. The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend.

Gold (XAUUSD) Medium-term bias: Bearish
The 4-hour chart is in an uptrend but the bears have broken below the moving averages. Gold price is above the 50-day line moving average but below the 21-day line moving averages. It is between the moving averages. If price breaks above the 21-day line moving average, the uptrend will resume.

Gold Makes an Upward Move, Faces Rejection at Level $1,960
XAUUSD – 4 Hour Chart

4-hour Chart Indicators Reading
XAUUSD is above the 30% range of the daily stochastic. The market is in a bullish momentum. The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend. The market will be in a range-bound move if price is between the moving averages

General Outlook for Gold (XAUUSD)
Gold’s (XAUUSD) price is trading in the overbought region but faces rejection at level $1,960. The upward move will soon reach bullish exhaustion. The gold price was earlier repelled at $1,960 high.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.