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


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.

You can purchase crypto coins here. Buy LBlock

Note: 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
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit

Highly volatile unregulated investment products. No EU investor protection.

  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
Share with other traders!

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.