Gold Resumes Bullish Momentum but Battles Resistance at $1,980

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 battles resistance at $1,980. Buyers are expected to push Gold to the high of $2,070. Presently, XAUUSD is trading in the overbought region of the market. The upward move is doubtful as the market reaches the overbought region. Gold is retracing after reaching the high of $1,981. The uptrend will resume if price finds support above the moving averages.

Gold Resumes Bullish Momentum but Battles Resistance at $1,980
XAUUSD – Daily Chart

Daily Chart Indicators Reading:
Gold is at level 60 of the Relative Strength Index for period 14. XAUUSD is in the uptrend zone and capable of a further upward move. Gold price is above the moving averages indicating a further upward movement of Gold. The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend.

Gold (XAUUSD) Medium-term bias: Bullish
On the 4-hour chart, Gold is in an uptrend as price breaks above the moving averages. The current uptrend has reached the overbought region as Gold declines. Meanwhile, on April 12 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that Gold will rise to level 2.0 Fibonacci extension or $2,006.72.

Gold Resumes Bullish Momentum but Battles Resistance at $1,980
XAUUSD – 4 Hour Chart

4-hour Chart Indicators Reading
XAUUSD is below the 80% range of the daily stochastic. The market is in a bearish momentum. The 21-day SMA and the 50-day SMA are sloping upward indicating an upward move. Gold is likely to rise as price finds support above the moving averages.

General Outlook for Gold (XAUUSD)
Gold’s (XAUUSD) price has resumed its uptrend as it battles resistance at $1,980. However, Gold has reached the overbought of the market. The uptrend will resume if price finds support above the moving averages.

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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.