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

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

Estimated Reading Time: 2 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:

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

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News