Gold Recovers but Struggles below $1,820 Resistance

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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: Bearish
Gold (XAUUSD) is in a downward move but struggles below $1,820 resistance. On January 26, the Gold price dropped sharply to the low of level $1,785 as bulls bought the dips. Gold price is rising as bulls break above the 50-day SMA. As the price is above the 50-day SMA but below the 21-day SMA, Gold is likely to be range-bound between the moving averages. The uptrend will resume if price breaks above the 21-day SMA. The downtrend will resume if the bears break below the 50-day SMA.

Daily Chart Indicators Reading:
Gold is at level 47 of the Relative Strength Index for period 14. It indicates that Gold is in the downtrend zone and it is capable of a further downward move. The 21-day SMA and the 50-day SMA are sloping sideways indicating a sideways trend.

Gold (XAUUSD) Medium-term bias: Bearish
On the 4 hour chart, the Gold price is in an upward move. It has broken above the 21-day SMA but below the 50-day SMA. Meanwhile, on February 1 uptrend, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that Gold will rise to level 1.618 Fibonacci extension or level $1.826.31.

4-hour Chart Indicators Reading
XAUUSD is above the 48% range of the daily stochastic. The market is in a bullish momentum. . The 21-day SMA and the 50-day SMA are sloping upward indicating the previous uptrend.


General Outlook for Gold (XAUUSD)
Gold’s (XAUUSD) price is rising after the recent downtrend but struggles below $1,820 resistance. It is expected to regain bullish momentum after breaking above the moving averages.

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