Gold (XAUUSD) Fluctuates Between $1,720 and $1,750, May Further Decline

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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 is in a range-bound move. However, since March 17, the Gold price has been fluctuating below the $1,750 resistance. Meanwhile, on March 8 downtrend, XAUUSD fell to $1,676.86 low. A retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that Gold is expected to fall to level 1.618 Fibonacci extension. That is the low of $1,593.21.

Daily Chart Indicators Reading:
Gold is at level 41 of the Relative Strength Index period 14. It indicates that the market is in a downtrend zone. The price is below the SMAs which indicates that Gold is likely to fall. The 21-day and 50-day SMAs are sloping southward.

Gold (XAUUSD) Medium-term bias: Ranging
On the 4 hour chart, the XAUUSD is fluctuating between $1,720 and $1,750. Buyers and sellers are in price tussle since March 12. The bulls have failed to break the resistance as the price consolidates in the middle of the range. There is also strong buying pressure at the lower price range as price is restricted at the middle of the range.

4-hour Chart Indicators Reading
XAUUSD is above the 20% range of the daily stochastic. The stochastic bands are sloping horizontally. . The 21-day and the 50-day SMAs are sloping in the middle of the price range.

General Outlook for Gold (XAUUSD)
XAUUSD is not trending but price is fluctuating between $1,720 and $1,750. The price has broken below the SMAs. There is a tendency for XAUUSD to decline on the downside.


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