Gold Regains Bullish Momentum, May Revisit $1,850 High

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 (XAUUSD) is in an uptrend as it may revisit $1,850 high. Since January 26, the Gold price has been in a downward move. It fell to the low of $1, 780 as bulls bought the dips. The bullish momentum broke above the moving averages as price reached the high of $1,840. At the recent high, the Gold makes a minor retracement to the 21-day SMA . The uptrend will resume if the current retracement holds above the 21-day SMA.

Gold Regains Bullish Momentum, May Revisit $1,850 High
XAUUSD – Daily Chart

Daily Chart Indicators Reading:
Gold is at level 54 of the Relative Strength Index for period 14. It indicates that Gold is in the uptrend zone and it is capable of a further upward move. The 21-day SMA and the 50-day SMA are sloping sideways indicating a sideways trend.

Gold (XAUUSD) Medium-term bias: Bullish
On the 4 hour chart, the Gold price is in an upward move. The market is in a smooth uptrend as price breaks above the moving averages. Meanwhile, on February 10 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 $1,873.23.

Gold Regains Bullish Momentum, May Revisit $1,850 High
XAUUSD – 4 Hour Chart

4-hour Chart Indicators Reading
XAUUSD is below the 20% range of the daily stochastic. The market has fallen to the oversold region.`The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend.


General Outlook for Gold (XAUUSD)
Gold’s (XAUUSD) price has resumed its upward move s it may revisit $1,850 high. If the initial retracement holds the uptrend will resume.


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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.