Gold Resumes Sideways Move as It Holds Steady on $1,622

Estimated Reading Time: 3 minutes

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Azeez Mustapha

Updated: 1 November 2022

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 a downtrend as it holds steady on $1,622. Sellers have been unable to break through the present support since September. Bulls purchased the dips as Gold fell to a low of $1,621 on September 26. XAUUSD has started to correct upward again after crossing above the moving average lines but was stopped at the 50-day SMA. The bears have pushed Gold to the current support on October 19. The selling pressure will resume if the current support is breached.

Gold Resumes Sideways Move as It Holds Steady on $1,622 — XAUUSD – Daily Chart

Daily Chart Indicators Reading:
As Gold reaches level 42 on the Relative Strength Index for period 14, it has experienced a considerable decline. The downward-sloping direction of the moving average lines indicates a decline. Further downward move has been caused by a steady decline in the price bars below the moving average lines.

Gold (XAUUSD) Medium-term bias: Bullish
On the 4-hour chart, Gold is in a downtrend but has reached bearish exhaustion. On October 19 downtrend, Gold corrected upward and a candle body tested the 78.6% Fibonacci retracement level. The correction implies that Gold will fall to level 1.272 Fibonacci extension or $1,630.73.

Gold Resumes Sideways Move as It Holds Steady on ,622 — XAUUSD – 1 Hour Chart

1-hour Chart Indicators Reading
XAUUSD is experiencing positive momentum above the daily stochastic’s 60% range. The decreasing slope of the moving average lines indicates a decline. The crypto’s price is trading between the moving average lines, suggesting a potential range-bound trend.

General Outlook for Gold (XAUUSD)
As sellers retest present support,Gold holds steady on $1,622 . The downward trend of Gold is probably going to end. In addition, buyers will show up in the oversold area to drive prices higher.

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