Gold Reaches Bullish Exhaustion as It Faces Rejection at $1,739
Login

Gold Reaches Bullish Exhaustion as It Faces Rejection at $1,739

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

Azeez Mustapha

Updated:

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

Gold (XAUUSD) Long-term Trend: Bearish
Gold is in a downward correction as it faces rejection at $1,739. The market has reversed after reaching the low of $1,680. The upward move is hindered because the market has reached the overbought region. Meanwhile, on May 16 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that Gold will fall to level 1.272 Fibonacci extension or $1,742. 93. From the price action, the market has fallen to the low of $1,680 and reversed.

Gold Reaches Bullish Exhaustion as It Faces Rejection at ,739
XAUUSD – Daily Chart

Daily Chart Indicators Reading:
Gold is at level 38 of the Relative Strength Index for period 14. It indicates that Gold is in the downtrend zone despite price upward move. The 21-day line SMA and the 50 –day line SMA are sloping southward indicating a downtrend. The price bars are below the moving average lines indicating a further decline.


Gold (XAUUSD) Medium-term bias: Bullish
On the 4-hour chart, Gold is in an uptrend as price breaks above the moving averages lines. The uptrend is hindered as the market reaches the overbought region. Gold is facing resistance at a high of $1,739.

Gold Reaches Bullish Exhaustion as It Faces Rejection at ,739
XAUUSD – 4 Hour Chart

4-hour Chart Indicators Reading
XAUUSD is above the 80% range of the daily stochastic. The market is in the overbought region. Sellers will emerge in the overbought region to push prices down. The 21-day SMA and the 50-day SMA are sloping southward indicating a downtrend.

General Outlook for Gold (XAUUSD)
Gold’s (XAUUSD) price is still in a downward correction as it faces rejection at $1,739. It may decline as the market reaches the overbought region.

You can purchase crypto coins here. Buy LBlock


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