Gold (XAUUSD) Fluctuates Above Level 1700.000, Further Selling Likely


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

Gold (XAUUSD) Long-term Trend: Bearish
Gold is presently in a downward move. The market is falling because the bulls are retesting level 1880 to break it. This resulted in a further downward move. On February 4 downtrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that Gold is expected to fall to level 2.618 Fibonacci extension. That is the low of level 1645.153.

XAUUSD – Daily Chart

Daily Chart Indicators Reading:
The price has fallen to level 29 of Relative Strength Index period 14. It indicates that Gold is in the oversold region. The price has broken below SMAs which indicates that Gold is falling. The SMAs are sloping southward.

Gold (XAUUSD) Medium-term bias: Bearish
On the 4 hour chart, the XAUUSD is also falling. On February 26 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that Gold is expected to decline to level 1.618 Fibonacci extension . That is the low of level 1657.570.

XAUUSD – 4 Hour Chart
  1. 4-hour Chart Indicators Reading
    XAUUSD is above the 30% range of the daily stochastic. The bullish momentum is unsteady. The stochastic bands are sloping horizontally. The SMAs are sloping downward indicating the downtrend.

    General Outlook for Gold (XAUUSD)
    XAUUSD is now fluctuating above level 1700. The price corrected upward but was resisted at level 1740. If the current support holds, Gold will resume an upward move. However, the selling pressure will resume, if the current support is breached.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.