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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
Gold price is in an upward move. The upward move is facing an initial obstacle at the $1,800 resistance zone. On the upside, if price breaks above the resistance zone, the Gold price will be above the moving averages. In other words, the bullish trend zone is where prices tend to rise. However, the market is being rejected below the moving averages which suggests a possible decline. The bulls are likely to face stiff opposition above the recent high.
Daily Chart Indicators Reading:
The market has fallen to level 49 of the Relative Strength Index period 14. It indicates that there is a balance between supply and demand. The 21-day SMA and 50-day SMA are sloping downward indicating the downtrend.
Gold (XAUUSD) Medium-term bias: Bearish
On the 4 hour chart, the Gold price is correcting upward. The bulls could not break above the $1,800 overhead resistance. Therefore, the Gold price is consolidating below the overhead resistance. Meanwhile, on August 17 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that Gold will rise but reverse at level 1.272 Fibonacci extension or level $1,816,63.
4-hour Chart Indicators Reading
Gold is above the 50% range of the daily stochastic. It indicates that the market is in the bullish trend zone. 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 uptrend is stalled below the $1 800 overhead resistance. Gold price is facing rejection at the 21-day SMA. XAUUSD is likely to be in a downward correction for a few more days.
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