Gold Resumes Downtrend as It Fails to Sustain Above $1,800 High

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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.


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