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

Updated:

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.

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
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • 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.

  • 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
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • 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.