Gold Reaches Bullish Exhaustion as It Challenges the $1,810 High
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Gold Reaches Bullish Exhaustion as It Challenges the $1,810 High

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Azeez Mustapha

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Key Resistance Levels: $1,900, $1,950, $2000
Key Support Levels: $1,750, $1, 700, $1,650

Gold (XAUUSD) Long-term Trend: Bullish
Gold is currently trading in the bullish trend zone as it challenges the $1,810 high. The price of Gold is erratic between the moving average lines but is locked at the 50-day SMA. The moving average lines must be crossed for Gold to trend. For instance, if buyers move past the 50-day SMA line, the market will reach a high of $1,850. At the $1,810 high, the upward movement is currently encountering opposition. If purchasers can’t get through it, XAUUSD will keep fluctuating.

Gold Reaches Bullish Exhaustion as It Challenges the $1,810 High
XAUUSD – Weekly Chart

Weekly Chart Indicators Reading:
Gold is at level 56 on the Relative Strength Index for period 14. In a positive area, XAUUSD may continue to advance. The fact that Gold is now restricted to the moving average lines suggests that XAUUSD will move in a range. Above level 70, the market has entered the overbought zone. As long as the price bars are above the moving average lines, the price will move upward.

Gold (XAUUSD) Medium-term bias: Bullish
On the Daily chart, Gold is in an upward trend as it approaches the $1,810 resistance level. A retraced candle body on the upswing of November 16 tested the 78.6% Fibonacci retracement line. The retracement predicts that Gold would increase but turn around the Fibonacci extension’s level of 1.272, or $1,827.14.

Gold Reaches Bullish Exhaustion as It Challenges the $1,810 High
XAUUSD – Daily Chart

Daily Chart Indicators Reading
Gold is above the daily Stochastic threshold of 70 as it challenges the $1,810 high. The market is now moving upward and could keep doing so. The fact that the price bars are higher than the moving average lines indicates that Gold prices will climb in the future.

General Outlook for Gold (XAUUSD)
The Gold market has shifted to an overbought region. Further price gains are unlikely as the market approaches overbought territory. Bullish exhaustion has been reached in the current rally.


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