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

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

Estimated Reading Time: 3 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

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 ,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.

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
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
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.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News