Gold Price: XAUUSD Remains on the Path of Extension Past $1,690 Level

Gold Price: XAUUSD Remains on the Path of Extension Past $1,690 Level

XAUUSD Price Analysis – March 6

Gold has taken another step forward, and buyers are now firmly sitting behind the wheel, while the price remains on the path of expansion above the level of $ 1,690. An intensive flight to a safe place on Friday continues to increase demand for traditional safe-havens such as US Treasury bonds and gold.

Key Levels
Resistance Levels: $1,720, $1,700, $1,690
Support Levels: $1,663, $1,655, $1,600

XAUUSD Long term Trend: Bullish

The XAUSD pair was trading at $1,687 level at the time of writing, marginally below the seven-year high it reached in the last hour at $1,690 level and added 0.85 percent per day. In this scenario, the course can go beyond the $1,700.00 psychological level.

Bears are unlikely to prevail, and the price may fall beneath $1,655.00 level due to support provided by the moving average of 5 and 13.

XAUUSD Short term Trend: Bullish

On the one hand, the yellow metal may likely continue to advance versus the US dollar in the short term. On the other hand, gold supported by the monthly barrier may continue to trade sideways versus the US dollar.

The peak of the intraday high of $1,689 level from a couple of weeks ago is the next level to be broken, but apart from this, the path is again open at $1,700 level. The momentum is again becoming stronger, with RSI in the mid-80s, while the lines of MA 5 and 13, both are moving forward encouragingly.

Instrument: XAUUSD
Order: Buy
Entry price: $1,681.00
Stop: $1,655
Target: $1,700

Note: Learn2Trade.com 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.