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


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.

XAUUSD – Daily Chart

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.

XAUUSD – 4 Hour Chart

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.

You can purchase crypto coins here: Buy Coins

Note: is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit

Highly volatile unregulated investment products. No EU investor protection.

  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
Share with other traders!

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.