Gold (XAUUSD) Faces Rejection at $1,900 as Selling Pressure Resumes

Gold (XAUUSD) Faces Rejection at $1,900 as Selling Pressure Resumes

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

Gold (XAUUSD) Long-term Trend: Bullish
XAUUSD is in an uptrend. Presently, the upward move is facing resistance at $1,900. Since June 3, the uptrend was repelled as the market declined to $1,860. Gold is now fluctuating between the current support and the resistance. The uptrend will continue if the current support holds.

XAUUSD – Daily Chart

Daily Chart Indicators Reading:
XAUUSD is at level 53 of the Relative Strength Index period 14. It indicates that Gold is in the uptrend zone and above the centerline 50. Gold has room to rally on the upside. The 21-day SMA and 50-day SMA are sloping upward indicating the uptrend. Gold has broken below the 21-day SMA. A break below the support line of the ascending channel will mean a further downward movement of prices.

Gold (XAUUSD) Medium-term bias: Ranging
On the 4 hour chart, the XAUUSD price is in a sideways move. The uptrend is facing rejection at a high of $1,910. Buyers are now struggling to break above the minor resistance at $1,900.

XAUUSD – 4 Hour Chart

4-hour Chart Indicators Reading
Gold is below the 80% range of the daily stochastic. It is in a bearish momentum. . The 21-day SMA and the 50-day SMA are sloping horizontally indicating the sideways trend.

General Outlook for Gold (XAUUSD)
XAUUSD’s price is in a downward move because of the resistance at $1,910. The selling pressure will continue as price breaks below the moving averages.



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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.