Gold Reaches Overbought Region as It Faces Rejection at $1,786

Updated:

Checkmark

Invest at least $250 in D2T to gain lifetime access to our VIP Signals

Checkmark

Get early access to Dash 2 Trade’s Presale. Buy the D2T token now

Checkmark

Existing community of 70,000+ traders

Checkmark

Unlocks access to the leading crypto trading analysis, signals and trading tools

Checkmark

As featured in CryptoNews.com, FXEmpire.com, FXStreet.com and more

Checkmark

World class development team backed by Quant developers and VC investors


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

Gold (XAUUSD) Long-term Trend: Bullish
Gold crosses above the moving average lines as it faces rejection at $1,786. On November 4, XAUUSD surged to a high of $1,776 and then recovered above the $1,628 support. The market has become overbought as a result of the current surge. The resistance at $1,800 is in the range of the uptrend. On August 15, purchasers drove Gold to a high of $1,800 but were turned away. Currently, Gold is getting close to the next barrier at $1,800. The positive momentum will reach $1,850 if the bulls overcome the resistance at $1,800. In contrast, if the price is rejected at $1,800, selling pressure will pick up again.

Gold Reaches Overbought Region as It Faces Rejection at $1,786
XAUUSD – Daily Chart

Daily Chart Indicators Reading:
On the Relative Strength Index for period 14, Gold is at level 70. The market has reached the overbought region at level 70. Sellers will emerge in the overbought region to push prices downward. The current price will continue as long as the price bars are above the moving average lines. The moving average lines are sloping southward indicating the previous downtrend.

Gold (XAUUSD) Medium-term bias: Bullish
Gold is in an uptrend on the 4-hour chart after it retraced over the $1,700 level. As it struggles against the initial obstacle at level $1,783, the upward trend has resumed. A retraced candle body tested the 38.2% Fibonacci retracement line on the upswing of November 15.
According to the retracement, Gold will increase to level 2.618 of the Fibonacci extension, or $1,807.80.

Gold Reaches Overbought Region as It Faces Rejection at $1,786
XAUUSD – 1 Hour Chart

1-hour Chart Indicators Reading
The daily stochastic’s level of 80 is above the price of XAUUSD. The market is overbought where Gold is now trading. The price bars are above the moving average lines which suggests that the price of Gold will continue to rise.

General Outlook for Gold (XAUUSD)
The market for Gold has moved to an overbought area as it faces rejection at $1,786. As the market enters the overbought zone, further price increases are unlikely.


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
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.