Gold (XAUUSD) Faces Rejection At Level $1,800, Resumes Downward Move

Gold (XAUUSD) Faces Rejection At Level $1,800, Resumes Downward Move

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

Gold (XAUUSD) Long-term Trend: Bearish
Gold was in a brief uptrend as the market rallied to a high of level $1.797.72. The pair was repelled in the $1,800 resistance zone. Presently, the market is fluctuating below the recent high. On April 8 uptrend; the retraced candle body tested the 78.6% Fibonacci retracement level. The retracement has indicated that Gold will rise to 1.272 Fibonacci extensions and reverse. From the price action, the Gold price is fluctuating at the Fibonacci level for a possible reversal.

XAUUSD – Daily Chart

Daily Chart Indicators Reading:
Gold is at level 54 of the Relative Strength Index period 14. It indicates that the market is in the uptrend zone and above the centerline 50. 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 sideways move below the $1,800 resistance. The Gold price will fall each time it retests the resistance zone. On April 23, a retraced candle body tested the 50% Fibonacci retracement level. This implies that Gold is expected to fall to level 2.0 Fibonacci extension or level $1,742.95.

XAUUSD – 4 Hour Chart

4-hour Chart Indicators Reading
XAUUSD is below the 60% range of the daily stochastic. Gold is in a bearish momentum. The 21-day SMA and the 50-day SMA are sloping horizontally indicating the sideways move.

General Outlook for Gold (XAUUSD)
XAUUSD price is likely to fall after rejection from the $1,800 resistance. According to the Fibonacci tool, Gold will reverse to 78.6% Retracement level or level $1,740 where it originated.

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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.