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Gold Analysis – Sellers Approach the 1902.540 Key Level
Gold buyers seek upside amid a tendency. The XAUUSD buyers have been fighting an uphill battle lately, with the Gold price dropping as a result of sellers pulling out of the market.
The Bears have been attacking the 1902.540 significant level, causing the buyers to be on the defensive. Despite this, the buyers have not given up and have been looking for every opportunity to make a comeback.
XAUUSD Important Levels
Resistance Levels: 2052.550, 1975.240
Support Levels: 1947.360, 1902.540
XAUUSD Long-Term Trend: Bearish
Since May, the bulls have been leading the market, pushing the price up from the 1783.820 key level to beyond the 2052.550 significant level. However, they have been unable to break through the 2052.550 key zone due to a lack of buying strength.
This has caused the Gold price to remain relatively stable, although it is still on a downward trend. At this juncture, traders are keenly watching the price movements in the XAUUSD market.
The buyers are looking for any chance to make a comeback, while the sellers are hoping to maintain their current momentum. This could result in some interesting volatility in the coming weeks, with the market direction depending on which side can gain the upper hand.
The bear market has had a great impact on the Gold market, pushing prices lower from the 2052.550 key level. Sellers remain in control as the Relative Strength Index (RSI) is down close to the 40.00 level, and the Parabolic SAR (Stop and Reverse) indicator suggests that the market is headed lower.
Gold Short-Term Trend: Bearish
On the 4-hour chart, the buyers appear to be slowly making their way back, although the sellers remain confident of further bearish action. If investor sentiment continues to decline, the 1902.540 key level could be breached in the days to come.
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