Gold (XAUUSD) Is In A Brief Uptrend, Faces Strong Rejection At $1,800

Updated:

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

Gold (XAUUSD) Long-term Trend: Bullish
Gold is in a brief uptrend as price reaches a high of $1,800. The resistance at $1,800 and $1,810 are historical price levels of February 23. The uptrend is facing resistance at the recent highs. Similarly, on April 8 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement implies that Gold is expected to rise to level1.272 Fibonacci extension and reverse. From the price action, the market has surpassed this level but it is facing rejection at level $1,800 resistance zone.

XAUUSD – Daily Chart

Daily Chart Indicators Reading:
XAUUSD is at level 60 of the Relative Strength Index period 14. It indicates that the market is in the bullish trend zone and above the centerline of 50. The 21-day SMA and 50-day SMA are sloping downward but are making U-turn upward.

Gold (XAUUSD) Medium-term bias: Bullish
On the 4 hour chart, the XAUUSD price broke the resistance at $1,740 and rallied to $1,790. The Gold price was resisted as it fell to $1,770 low. Meanwhile, on April 19 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement. The retracement implies that Gold will rise to level 1.272 Fibonacci extension and reverse. That is the high of level $1,804.46.

XAUUSD – 4 Hour Chart

4-hour Chart Indicators Reading
XAUUSD is below the 80% range of the daily stochastic. Gold is in a bearish momentum. The market was earlier in an overbought region The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend.


General Outlook for Gold (XAUUSD)
XAUUSD price is in a brief uptrend. The upward move is currently facing resistance at level $1,800. Besides, the Gold price is in the overbought region of the market. There is a likelihood of price falling on the downside. Gold is falling and has reached the low of $1.784.00



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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.