Gold (XAUUSD) Consolidates Near Resistance at $1,890, Uptrend Likely

Gold (XAUUSD) Consolidates Near Resistance at $1,890, Uptrend Likely

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

Gold (XAUUSD) Long-term Trend: Bullish
Gold has continued its upward move. The gold price has broken above the resistance at $1,800 to reach the high of $1,876.On May 18 uptrend; the retraced candle body tested the 61.8% Fibonacci retracement level. The retracement has indicated that Gold will rise to 1.618 Fibonacci extensions or level 1891.80. From the price action, the market is retesting the resistance at $1,890

XAUUSD – Daily Chart

Daily Chart Indicators Reading:
Gold is at level 72 of the Relative Strength Index period 14. It indicates that the market is in the overbought region. Sellers are likely to emerge at the overbought region to push prices down. The altcoin upward move is doubtful as there will be no enough room to rally on the upside. The 21-day SMA and 50-day SMA are sloping upward indicating the uptrend.

Gold (XAUUSD) Medium-term bias: Bullish
On the 4 hour chart, the XAUUSD price is in a smooth uptrend. The price broke the $1,800 resistance but pulled back to retest it. On May 10, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement implies that Gold will rise to 1.618 Fibonacci extensions or level 1892.03. From the price action, the Gold price is retesting the resistance at $1890.

XAUUSD – 4 Hour Chart

4-hour Chart Indicators Reading
XAUUSD is above the 60% range of the daily stochastic. Gold is in a bullish momentum. The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend.

General Outlook for Gold (XAUUSD)
XAUUSD price is in an upward move. The current uptrend is facing resistance at a level $1890. According to the Fibonacci tool analysis, the market will rise to a level $1,890.80. Presently, Gold price is fluctuating between $1,860 and $1,890. Buyers are making frantic efforts to break above the resistance.


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Author : Azeez Mustapha

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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.