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Key Resistance Levels: $1,900, $1,950, $2000
Key Support Levels: $1,750, $1, 700,$1,650
Gold (XAUUSD) Long-term Trend: Bearish
XAUUSD price corrected upward after the recent breakdown to level $1,755. The current uptrend is facing resistance at $1,834. Following the recent resistance, Gold retraced to the support above $1,800 or above the 21-day SMA. Meanwhile, on June 18 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 level $1,673.58.
Daily Chart Indicators Reading:
Gold has fallen to level 46 of the Relative Strength Index period 14. It indicates that Gold is in the downtrend zone and below the centerline 50. The 21-day SMA and 50-day SMA are sloping downward indicating the downtrend. A break above the 50-day SMA will propel Gold to rise.
Gold (XAUUSD) Medium-term bias: Bullish
On the 4 hour chart, the Gold price has fallen to a low of $1,794. The current upward move is facing resistance at $1,810 high. The price bars are below moving averages which suggests that Gold will fall. The upward move will resume if gold finds support.
4-hour Chart Indicators Reading
Gold is above the 60% range of the daily stochastic. It indicates that the market 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 upward move is facing rejection at the high of $1,830. Meanwhile, on July 19 downtrend, a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that Gold will fall to level 2.618 Fibonacci extension or level $1,732.94.
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