Gold (XAUUSD) In a Downward Move, Faces Rejection at Level $1,760


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

Gold (XAUUSD) Long-term Trend: Ranging
Gold (XAUUSD) has been in a sideways move below the overhead resistance at $1,830. The sideways move has been ongoing since July. On September 2, buyers retested the overhead resistance at $1,830 and were repelled. The market has been on a decline since September 2. The Gold price is making a series of lower highs and lower lows. The market is declining from the high of level $1,760.

XAUUSD – Daily Chart

Daily Chart Indicators Reading:
Gold has bearish crossovers. The 21-day SMA crosses below the 50-day SMA which indicates a sell signal. Gold is at level 44 of the Relative Strength Index period 14. It indicates that the market is in the bearish trend zone and below the centerline 50. The 21-day SMA and 50-day SMA are sloping downward indicating the downtrend.

Gold (XAUUSD) Medium-term bias: Bearish
On the 4 hour chart, the Gold price is in a downward move. The 21-day SMA acts like resistance to Gold price. Meanwhile, on September 23 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that Gold will rise to level 1.618 Fibonacci extension or level $1,706.77.

4-hour Chart Indicators Reading
Gold is below the 80% range of the daily stochastic. It indicates that the market is in bearish momentum. Gold price is falling. The 21-day SMA and the 50-day SMA are sloping downward indicating the downtrend.

General Outlook for Gold (XAUUSD)
XAUUSD’s price is in a downward move. The market is facing resistance at a high of $1,760. If the Gold price breaks below level $1,726, the downtrend will resume.

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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.