Gold Rebounds as It Approaches the Overbought Region at $1,830
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Gold Rebounds as It Approaches the Overbought Region at $1,830

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Azeez Mustapha

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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: Bullish
Gold is in a downward correction but approaches the overbought region at $1,830. Gold is now trading above the 21-day line SMA but below the 50-day line SMA. On the upside, if the bears break above the 50-day line SMA, Gold will regain bullish momentum. The bullish momentum will extend to the high of $1,900. However, if the bulls fail to break the 50-day line SMA, Gold will be compelled to a range-bound move between the moving average lines.

Gold Rebounds as It Approaches the Overbought Region at $1,830
XAUUSD – Daily Chart

Daily Chart Indicators Reading:
Gold is at level 53 of the Relative Strength Index for period 14. It indicates that Gold is in the uptrend zone and may further rise. The 21-day line SMA and the 50 –day line SMA are sloping southward indicating a downtrend. Gold price bars are above the 21-day line SMA but below the 50-day line SMA indicating a range move.


Gold (XAUUSD) Medium-term bias: Bullish
On the 4-hour chart, Gold is in an uptrend as the price breaks above the moving averages lines. Meanwhile, on July 22 uptrend, a retraced candle body tested the 61.8 % Fibonacci retracement level. The retracement suggests that Gold will rise to level 1.618 Fibonacci extension or $1,772.63.

Gold Rebounds as It Approaches the Overbought Region at $1,830
XAUUSD – 4 Hour Chart

4-hour Chart Indicators Reading
Gold is above the 80% range of the daily stochastic. The market has reached the overbought region. Sellers will emerge in the overbought region to push prices down. The 21-day SMA and the 50-day SMA is sloping upward indicating an uptrend.

General Outlook for Gold (XAUUSD)
Gold’s (XAUUSD) price has resumed its upward move as it approaches the overbought region at $1,830. Further upward movement of prices is doubtful.

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