Gold Reaches Overbought Region, Targets the High of $1,967

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RESULTS

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

Gold (XAUUSD) Long-term Trend: Bullish
Gold (XAUUSD) is in an uptrend as it targets the high of $1,967.The gold price has reached a high of $1,901 which is an overbought region of the market. The market is declining after reaching the overbought region. On the downside, if price falls and finds support above $1,870, the uptrend will resume. The downtrend will resume if price falls below $1,870 support.

Daily Chart Indicators Reading:
Gold is at level 67 of the Relative Strength Index for period 14. It indicates that the market is approaching the overbought region. Gold price is likely to face rejection at the recent high. The 21-day SMA and the 50-day SMA are sloping sideways indicating a sideways trend.

Gold (XAUUSD) Medium-term bias: Bullish
On the 4 hour chart, the Gold price is in a smooth uptrend. XAUUSD is in a minor retracement but may resume an upward move. Meanwhile, on February 15 uptrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that Gold will rise to level 2.618 Fibonacci extension or level $1,967.91.

4-hour Chart Indicators Reading
XAUUSD is above the 80% range of the daily stochastic. The market has reached to 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 upward indicating the uptrend.

General Outlook for Gold (XAUUSD)
Gold’s (XAUUSD) price has risen to the overbought region as it targets the High of $1,967. The upward move will soon reach bullish exhaustion.


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