Gold (XAUUSD) consolidates above $1,775 as bulls resume upward move

29 October 2021 | Updated: 29 October 2021

Key Resistance Levels: $1,900, $1,950, $2000
Key Support Levels: $1,750, $1, 700,$1,650

Gold (XAUUSD) Long-term Trend: Ranging
Gold (XAUUSD) is falling after rejection from the $1,820 resistance zone. Today, the bears are attempting to break below the moving averages. Since July 15, buyers have failed to keep the price above the $1,820 overhead resistance. In previous price action, the bears broke below the moving averages to reach the low of $1,728. Today, if the bears succeed in breaking below the moving averages, the market will decline to level $1,728.

Daily Chart Indicators Reading:
The 21-day SMA and the 50-day SMA are sloping horizontally indicating the sideways trend. Gold is at level 49 of the Relative Strength Index period 14. This indicates that there is a balance between supply and demand.

XAUUSD – Daily Chart

Gold (XAUUSD) Medium-term bias: Bearish
On the 4 hour chart, the Gold is in a downward move. The price broke below the moving averages to reach the low of level $1,775. Meanwhile, on October 28 downtrend; a retraced candle body tested the 50 % Fibonacci retracement level. The retracement indicates that Gold will fall to level 2.0 Fibonacci extension or $1,775.20.

XAUUSD – 30 Mins Chart

4-hour Chart Indicators Reading
Gold is below the 20% range of the daily stochastic. Gold has fallen to the oversold region of the market. Buyers are expected to emerge in the oversold region of the market. The 21-day SMA and the 50-day SMA are sloping downward indicating the downtrend. Gold is above the 25% range of the daily stochastic.

General Outlook for Gold (XAUUSD)
Gold’s (XAUUSD) price has reached bearish exhaustion. The Fibonacci tool has confirmed that Gold price will fall to level 2.0 Fibonacci extension or $1,775.20. From the price action, the Gold price has tested the Fibonacci level and has resumed consolidation.

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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.