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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
XAUUSD’s price is in a downtrend as it holds above $1,732. Today, the Gold price is consolidating above the $1,700 support. The current downtrend has reached the oversold region of the market. 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 is retesting the Fibonacci extension as it consolidates above the current support.
Daily Chart Indicators Reading:
Gold is at level 27 of the Relative Strength Index for period 14. The market has reached the oversold region. Buyers are likely to emerge in the oversold region of the market. The 21-day line SMA and the 50 –day line SMA are sloping southward indicating a downtrend.
Gold price bars are below the moving averages indicating a further decline.
Gold (XAUUSD) Medium-term bias: Bearish
On the 4-hour chart, Gold is in a downward move. The 21-day line SMA is acting as a resistance to the price bars. Today, buyers have been repelled as they attempted to keep the price above the 21-day line SMA. Gold price may continue to fall to the downside if buyers fail to break above the 21-day line SMA.
4-hour Chart Indicators Reading
XAUUSD is above the 25% range of the daily stochastic. The market is in bullish momentum. . The 21-day SMA and the 50-day SMA are sloping horizontally indicating a sideways move.
General Outlook for Gold (XAUUSD)
Gold’s (XAUUSD) price is in a downtrend as it holds above $1,732. Gold price is consolidating above the $1,700 support. The uptrend will resume if the current support holds.
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