Gold (XAUUSD) Finds Support Above $1,750, Resumes Uptrend

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

Gold (XAUUSD) Long-term Trend: Ranging
XAUUSD has been in a downward move since June 2, 2021. The downtrend has subsided as it reaches the low of $1,677. On August 6, a candlestick tail was pointing to the $1,660 support. The long tail indicates that there is strong buying pressure at the current support. Meanwhile, on June 28 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that Gold will fall to level 1.618 Fibonacci extension or level $1,647.

Daily Chart Indicators Reading:
Gold has fallen to level 36 of the Relative Strength Index period 14. It indicates that the market is approaching the oversold region. It is also in the bearish trend zone and below the centerline 50.


Gold (XAUUSD) Medium-term bias: Bearish
On the 4 hour chart, the market fell to the $1,750 low. At that low, Gold is said to be in the oversold region. The selling pressure is presumed to subside. Meanwhile, on September 8 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that Gold will fall to level 1.618 Fibonacci extension or level $1,750.05.

4-hour Chart Indicators Reading
XAUUSD is below the 20% range of the daily stochastic. It indicates that the market has reached the oversold region. Gold price is expected to rise. The 21-day SMA and the 50-day SMA are sloping downward indicating the downtrend.

General Outlook for Gold (XAUUSD)
XAUUSD’s price has fallen to the oversold region of the market. The selling pressure of Gold is presumed to be over. Gold is expected to rise on the upside.

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