Gold Price: At $1,700 Region, XAUUSD Stays Locked in a Range Despite Lacking Upside Traction

Gold Price: At $1,700 Region, XAUUSD Stays Locked in a Range Despite Lacking Upside Traction

XAUUSD Price Analysis – May 13

The gold price appears to be holding on in the region of $1,700 while staying locked within a range of between $1,702.46 and $1,706.66 thresholds into open European deficient in upside traction. The mood of risk is relatively healthy, but as the week evolves, there seems to be a little further selling sentiment trickling in.

Key Levels
Resistance Levels: $1,780, $1,765, $1,747
Support Levels: $1,690, $1,663, $1,623

XAUUSD Long term Trend: Bullish

The resistance at $1719.25 level, as observed on the daily chart, is turning to become a daunting task. The price has risen to hit the level but the bears stepped out in full swing as quickly as it did and pushed the price down. If the support level stays at $1690.0 level, there may be a strong risk that in the medium to long term the market may push higher.

The key to the bulls’ upside breakout stays at a $1738.87 wave-high. The current price level close to $1,700/oz or a relatively close-term selloff should be viewed as limited until eventually taking care of the aforementioned bullish macro-factors.

XAUUSD Short term Trend: Ranging

Thus far this Wednesday, gold prices (XAUUSD) move directionless, returning and forth in a $6 range above the $1700 mark. The XAUUSD may require to break beyond the resistance trendline, and on the flip side, the initial downside is limited at $1702.04 level by the moving average 13, a fall further beneath brings the $1700 level in view for a retest.

Gold at an intra-day high level of $1706.66 is struggling to maintain a decline below $1700. The wide range of levels of $1747.72-$1663.78 is inclined to hold till next week, and the next 1-2 sessions may see the market at the levels of $1700-$1719.25.

Note: learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.