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

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.

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.

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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