Gold (XAUUSD) Finds a New Launch Pad to Attack 2068.0

Market Analysis – April 13

Gold Bulls have resiliently burned through all resistance levels above the demand zone of 1612.0. A new launchpad seems to be the final approach to strike 2068.0

Gold Key Levels

Supply Levels: 1958.0, 2068.0, 2100
Demand Levels: 1688.0, 1804.0, 1693.0

Gold Long-Term Trend: Bullish

Ever since the Bullish reversal in November, the Gold Buyers have used previous resistance levels as well as order blocks to engineer an ascent in the market. In February, after the Buyers failed to break the resistance level of 1958.0, the price plunged to the new support level of 1804.0 to gain more energy for another strike. The 180.40 support level functioned as a resistance level in August 2022, when the market was in a downtrend.

At the touch of the support level of 1804.0 this year, the Stochastic indicated that the market was oversold. The persistence of the Bulls’ buying pressure fostered the launch of the price immediately. On the 17th of March, the resistance level of 1959.0 was broken.

Gold Short-Term Trend: Bullish

The market used a bullish order block close to the supply level to force through a breakout. The market has launched from a new bullish order block below 2068.0 in an attempt for a breakout.

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