Key Resistance Levels: $1,900, $1,950, $2000
Key Support Levels: $1,750, $1, 700,$1,650
Gold (XAUUSD) Long-term Trend: Bearish
XAUUSD is in a downward correction. Gold fell to the low above $1,760 and resumed a range-bound move above the current support. For the past week, the Gold price has been consolidating above the current support. On June 3 downtrend, a retraced candle body tested the the38.2% Fibonacci retracement level. The retracement indicates that Gold will fall to level 2.618 Fibonacci extension or level $1,757.27. From the price action, the market is still consolidating above level 2.618 Fibonacci extension or level $1,757.27.
Daily Chart Indicators Reading:
Gold has fallen to level 34 of the Relative Strength Index period 14. It indicates that Gold is near the oversold region of the market. It implies that the selling pressure has been exhausted and buyers are likely to emerge. The 21-day SMA and 50-day SMA are sloping downward indicating the downtrend.
Gold (XAUUSD) Medium-term bias: Ranging
On the 4 hour chart, the XAUUSD price is in a range-bound move. The price has been in a range-bound between level $1,766 and $1,793. For the past week, Gold is yet to trend as it is confined in a range. Presently, the Gold is still in a range-bound move within the confined range.
4-hour Chart Indicators Reading
Gold is below the 20% range of the daily stochastic. It indicates that it has fallen to an oversold region of the market. The selling pressure is exhausted as buyers emerge. The 21-day SMA and the 50-day SMA are sloping downward indicating the downtrend.
General Outlook for Gold (XAUUSD)
XAUUSD’s price has remained range-bound after falling to the low above $1,760. Gold price is fluctuating below and above 21-day SMA. For the past week, the Gold price has remained stable above the current support.
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