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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: 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.
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.
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.
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