Gold Price Breaks the $1,830 Resistance, Resumes a Fresh Uptrend

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 upward move as it resumes a fresh uptrend. Gold price breaks the resistance at $1,830 and resumes upward. Since December 31, buyers have been making frantic efforts to break above the resistance. On January 3, and January 13 buyers were repelled as Gold dropped below the moving averages. On January 19, buyers have their way as Gold resumed a fresh uptrend. Meanwhile, on January 13 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement suggests that Gold will rise to level 1.618 Fibonacci extension or $1,855.27.

Daily Chart Indicators Reading:
Gold is at level 63 of the Relative Strength Index for period 14. The market has reached the uptrend zone and is capable of a further upward move. The 21-day SMA and the 50-day SMA are sloping upward indicating an uptrend. Gold prices are above the moving averages which makes it possible to rise.

Gold (XAUUSD) Medium-term bias: Bullish
On the 4 hour chart, the Gold price is in an uptrend. Before the resumption of the uptrend, Gold was in a sideways move below the $1,830 price level. Today, the bulls have broken the resistance level. Unfortunately, the market has reached the overbought region of the market.

4-hour Chart Indicators Reading
XAUUSD is above the 80% range of the daily stochastic. The market has reached the overbought region. Further upward move is doubtful. Sellers are likely to emerge in the overbought region. The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend.

General Outlook for Gold (XAUUSD)
Gold’s (XAUUSD) price has broken the resistance at $1,830 as it resumes a fresh uptrend. According to the daily Stochastic, XAUUSD is trading in the overbought region of the market. Perhaps, the Gold price will retrace, and later the upward move will resume.

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