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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 price is in a fresh uptrend. On August 23, the market reached the high of $1,820 but was repelled. Gold price retraced to $1,782 to resume upward. On the upside, if buyers breach the $1,820 resistance, the market will rally above $1,840. Meanwhile, on August 17 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that Gold will rise to level 1.272 Fibonacci extension or level $1,816.05.
Daily Chart Indicators Reading:
The market has fallen to level 50 of the Relative Strength Index period 14. It indicates that there is a balance between supply and demand. The 21-day SMA and 50-day SMA are sloping downward indicating the downtrend.
Gold (XAUUSD) Medium-term bias: Bullish
On the 4 hour chart, the Gold price is recovering after the recent breakdown. The Gold price has been rising from the low of $1.728 to a high of $1,820. Buyers are recouping above the $1,780 support to retest the $1,820 overhead resistance. Meanwhile, on August 17 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that Gold will rise to level 1.272 Fibonacci extension or level $1,816,05.
4-hour Chart Indicators Reading
XAUUSD is above the 25% range of the daily stochastic. It indicates that the market is in bullish momentum. Gold price is expected to rise. The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend.
General Outlook for Gold (XAUUSD)
XAUUSD’s price has recovered after the recent breakdown. Gold price will rise and attain the previous price level of $1,900 if the bulls breach the resistance at level $1,820. Meanwhile, the market is rising to retest the $1,820 resistance.
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