Gold (XAUUSD) Drops Sharply, May Find Support above $1,760

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RESULTS

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

Gold (XAUUSD) Long-term Trend: Bearish
XAUUSD is in a downtrend. Since May 31, the upward move is facing resistance at $1900. In the first resistance the market decline to $1,860. On June 11, Gold faces another resistance which made it drop sharply. On June 1 downtrend, a retraced candle body tested the the38.2% Fibonacci retracement level. The retracement indicates that Gold will fall to level 2.618 Fibonacci extension or level $1,760.02.

Daily Chart Indicators Reading:
XAUUSD has fallen to level 29 of the Relative Strength Index period 14. It indicates that Gold has fallen to the oversold region of the market. It implies that the selling pressure has been exhausted and buyers are likely to emerge. The 21-day SMA and 50-day SMA are sloping upward indicating the uptrend.

Gold (XAUUSD) Medium-term bias: Bearish
On the 4 hour chart, the XAUUSD price is in a downward move. Since May 25, buyers have been struggling to break above the $1,900 resistance. On June 4 downtrend, a retraced candle body tested the the38.2% Fibonacci retracement level. The retracement indicates that Gold will fall to level 2.618 Fibonacci extension or level $1,771.09.

4-hour Chart Indicators Reading
Gold is below the 20% range of the daily stochastic. It indicates that it has fallen to an oversold region of the market. The selling pressure is likely to be exhausted as buyers emerge. The 21-day SMA and the 50-day SMA are sloping downward indicating the downtrend.

General Outlook for Gold (XAUUSD)
XAUUSD’s price is in a downward move after rejection at level $1,900. The market has fallen to the low of above $1,760. If the current support holds, the uptrend will resume.


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