Gold Retraces to $1,895 Support as Bulls Recoup To Resume Uptrend

Updated:

Key Resistance Levels: $1,900, $1,950, $2000
Key Support Levels: $1,750, $1, 700,$1,650

Gold (XAUUSD) Long-term Trend: Bearish
Gold (XAUUSD) is in a downtrend as bulls recoup to resume uptrend. XAUUSD has fallen and it is below the 21-day line moving average but above the 50-day line the moving average. There are bullish candlesticks as Gold price attempts to break above the 21-day line the moving average. The uptrend will resume if buyers are successful above the moving averages.

Gold Retraces to $1,895 Support as Bulls Recoup To Resume Uptrend
XAUUSD – Daily Chart

Daily Chart Indicators Reading:
Gold price is between the moving averages. The market will resume upward if price breaks above the 21-day line of the moving average. Others Gold will commence a range-bound move. The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend.

Gold (XAUUSD) Medium-term bias: Bearish
On the 4-hour chart, the Gold price was earlier in a downtrend. The downtrend has subsided as price makes an upward correction and breaks above the 21-day line moving averages. Meanwhile, on March 10 uptrend, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that Gold will fall to level 1.618 Fibonacci extension or $1,919.53. From the price action, the Gold price has reversed at 1.618 Fibonacci extension.

XAUUSD4 Hour Chart.png 2
XAUUSD – 4 Hour Chart

4-hour Chart Indicators Reading
XAUUSD is above the 80% range of the daily stochastic. The current uptrend may face rejection at the recent high as sellers emerge. The 21-day SMA and the 50-day SMA are sloping southward indicating the downtrend.


General Outlook for Gold (XAUUSD)
Gold’s (XAUUSD) price has recovered from the downtrend as bulls recoup to resume uptrend . XAUUSD fell and found support above level $1,910 price level. The current uptrend has reached the overbought region. There is a likelihood of possible fall.

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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.