Gold (XAUUSD) Is in a Range Bound Between Levels $1,680 and $1,750


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

Gold (XAUUSD) Long-term Trend: Ranging
Gold is in a range-bound move. Since March 5, XAUUSD is fluctuating between levels $1,675 and $1,750. For the past month, these levels have remained unbroken. Gold has been trading marginally. Today, the Gold price has been rising to retest the resistance level. Since January 8, Gold has been falling and the market has remained in the bearish trend zone.

XAUUSD – Daily Chart

Daily Chart Indicators Reading:
Gold price is facing resistance at 21-day SMA. The market has been facing resistance at the 21-day SMA. On the daily chart, the 21-day SMA has not been broken. Meanwhile, the moving averages are sloping downward. Gold is at level 47 of the Relative Strength Index period 14. It indicates that the market is capable of falling on the downside

Gold (XAUUSD) Medium-term bias: Ranging
On the 4 hour chart, the XAUUSD is fluctuating between $1,720 and $1,750. In most past of March, the crypto has been fluctuating below the $1,750 resistance. On March 26, the bulls were resisted by the 21-day SMA. XAUUSD price drops to the lower price range. Today, price is fluctuating.

XAUUSD – 4 Hour Chart

4-hour Chart Indicators Reading
XAUUSD is above the 80% range of the daily stochastic. This is a signal of a further downward movement of prices as the market reaches the overbought region of the market. Sellers are likely to emerge in the overbought region of the market. The 21-day and the 50-day SMAs are sloping in the middle of the price range.

General Outlook for Gold (XAUUSD)
XAUUSD is in a range-bound move. The market will trend if the range-bound level is broken. Gold price is presently approaching the upper price range to break above it. The upward move above the resistance is doubtful as price reaches the overbought region.

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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.