Gold (XAUUSD) Buyers Display Cowardice Toward the 2068.0 Supply Zone

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Market Analysis – April 20

Gold (XAUUSD) ascent from 1804.0 to 1958.0 was delivered with dazzling speed. Since the break of the 1958.0 key level, the market has spent a relatively longer duration without pushing further to the next resistance level.

Gold Key Levels

Demand Levels: 1958.0, 1804.0, 1612.9
Supply Levels: 2068.0, 2150.0, 2300.0

Gold Long-Term Trend: Bullish

Gold Bears capitalized on the pullbacks in the downward trend last year. After the market reversal at 1958.0, the price plummeted to the support level of 1804.0. The whales shorted the market heavily upon a pullback to 1868.0. A triple-top chart pattern ended the short-term rally to continue the downward trend from the significant level of 1868.0. The Stochastic indicated the market was overbought in June. The appearance of the Parabolic SAR (Stop and Reverse) point above the 1868.0 supply level confirmed the resumption of the downward trend.

The pullback to cover up for the inefficient regions of the bearish displacement halted in August when the Stochastic revealed the exhaustion of the Buyers. The Parabolic SAR (Stop and Reverse) point switched positions to rest above the daily candles upon the test of the supply level of 1804.0.

Gold Short-Term Trend: Bullish

Gold has broken the 1958.0 barriers. The multiple retests of the bullish order block resting at a significant level reveal the market’s reluctance to reach the major high of 2068.0. The Stochastic indicator is already overbought on the four-hour chart and the twenty-four-hour chart. Since Gold price is currently in a premium range, a crash in the market below 1958.0 is anticipated.

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