Gold Rebounds and It Is Stuck below the Resistance at $1,660

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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 making an upward correction and it is stuck below the resistance at $1,660. On the upside, if price breaks above the 21-day line SMA, the uptrend may continue above the 50-day line SMA. However, if Gold turns down from the moving average lines, the selling pressure will resume. A further downward move is unlikely as buyers emerge in the oversold.

Gold Rebounds and It Is Stuck below the Resistance at $1,660
XAUUSD – Daily Chart

Daily Chart Indicators Reading:
Gold is at level 42 of the Relative Strength Index for period 14. It is still in the downtrend zone despite the upward correction. The market will rise if price breaks above the moving average lines. Gold will further decline as the price bars are below the moving average lines. . The moving average lines are sloping downward indicating a downtrend.

Gold (XAUUSD) Medium-term bias: Bearish
On 4 Hour chart, Gold is in an uptrend as price breaks above the moving average lines. The current uptrend may further rise to the previous highs. On September 28 uptrend; Gold made an upward correction as the candle body tested the 61.8 % Fibonacci retracement level. The correction suggests that Gold will rise to level 1.618 Fibonacci extension or $1,689.69.

Gold Rebounds and It Is Stuck below the Resistance at $1,660
XAUUSD – 4 Hour Chart

4 Hour Chart Indicators Reading
Gold is below the 80% range of the daily stochastic. The market is in a bearish momentum. The price bars are above the moving average lines which indicates a further upward move.


General Outlook for Gold (XAUUSD)
Gold (XAUUSD) has rebounded from the current support as it is stuck below the resistance at $1,660. XAUUSD is expected to rise as buyers emerge in the oversold region


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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.