Key Resistance Levels: $1,900, $1,950, $2000
Key Support Levels: $1,750, $1, 700, $1,650
Gold (XAUUSD) Long-term Trend: Bullish
Gold (XAUUSD) is in an uptrend as sellers emerge at $1,953 high. The upward move will resume if the current support holds. The selling pressure will resume if price breaks below the moving averages. Meanwhile, on April 20 downtrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that Gold will fall to level 1.272 Fibonacci extension or $1.919.26. From the price action, XAUUSD is fluctuating above the moving averages.
Daily Chart Indicators Reading:
Gold is at level 52 of the Relative Strength Index for period 14. The market is in the uptrend zone and capable of a further upward move. It is above the moving averages and capable of rising to the upside. 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, Gold has resumed a downward move after the rejection at $1,998 high. Meanwhile, on April 20 downtrend; 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 $1.916.61.
4-hour Chart Indicators Reading
XAUUSD is above the 80% range of the daily stochastic. The market is in a bullish momentum. The 21-day SMA and the 50-day SMA are sloping upward indicating an upward move. Gold is likely to fall as the market reaches the overbought region.
General Outlook for Gold (XAUUSD)
Gold’s (XAUUSD) price is presently above the moving averages as sellers emerge at $1,953 high. The downtrend will resume if price breaks below the moving averages.
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