Key Resistance Levels: $1,900, $1,950, $2000
Key Support Levels: $1,750, $1, 700, $1,650
Gold (XAUUSD) Long-term Trend: Bearish
Gold is in an upward correction as it fails to sustain above $1,800 high. The bulls could not keep the price above the $1,800 resistance zone. The bears have broken below the 50-day line SMA. Gold is now trading below the 50-day line SMA but above the 21-day line SMA. On the downside, if the bears break below the 21-day line SMA, the market will further decline to $1,692.
Daily Chart Indicators Reading:
Gold is at level 51 of the Relative Strength Index for period 14. It indicates that there is a balance between supply and demand. The 21-day line SMA and the 50 –day line SMA are sloping downward indicating a downtrend. Gold price bars are between the moving average lines indicating a range move.
Gold (XAUUSD) Medium-term bias: Bearish
On the 4-hour chart, Gold is in a downtrend as the price breaks below the moving average lines. The bulls break the $1,800 resistance zone, hence the selling pressure. On August 11 downtrend, a retraced candle body tested the 38.2 % Fibonacci retracement level. The retracement suggests that Gold will fall to level 2.618 Fibonacci extension or $1,746.23.
4-hour Chart Indicators Reading
Gold is below the 20% range of the daily stochastic. The market has reached the oversold region. It indicates that the selling pressure may soon end. The price bars are below the 21-day SMA and the 50-day SMA indicating a further downward move.
General Outlook for Gold (XAUUSD)
Gold’s (XAUUSD) price has commenced a downward move as it fails to sustain above the $1,800 high. The current downtrend may extend to the low of $1,750.
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
- Min Deposit
- Score
- Visit Broker
- Award-winning Cryptocurrency trading platform
- $100 minimum deposit,
- FCA & Cysec regulated
- 20% welcome bonus of upto $10,000
- Minimum deposit $100
- Verify your account before the bonus is credited
- Over 100 different financial products
- Invest from as little as $10
- Same-day withdrawal is possible
- Fund Moneta Markets account with a minimum of $250
- Opt in using the form to claim your 50% deposit bonus
Learn to Trade
Never Miss A Trade Again
Signal Notification
Real-time signal notifications whenever a signal is opened, closes or Updated
Get Alerts
Immediate alerts to your email and mobile phone.
Entry Price Levels
Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.