Gold (XAUUSD) Is in a Range Bound Move, Battles Resistance 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: Ranging
The Gold (XAUUSD) is trading at $1,783.14 in the middle of price range. XAUUSD is in a range-bound move between $1,720 and $1,835. Buyers and sellers are yet to break the range-bound levels. Presently, the price action is characterized by small body candlesticks. These candlesticks are responsible for the current range-bound move. The price movement has been stagnant in the price range. Gold will resume an upward move if the resistance at $1.835 is breached.

XAUUSD – Daily Chart

Daily Chart Indicators Reading:
The 21-day SMA and the 50-day SMA are sloping horizontally indicating the sideways trend. Gold is at level 54 of the Relative Strength Index period 14. Gold is in the uptrend zone and above the centerline 50. Gold will rise if the price bars are above the moving averages.


Gold (XAUUSD) Medium-term bias: Bullish
On the 4 hour chart, the Gold is in an uptrend. The price has broken above the moving average to reach the high of $1,800 but pulled back. Meanwhile, on October 20 uptrend; 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 $1,801.20.

XAUUSD – 4 Hour Chart

4-hour Chart Indicators Reading
Gold is below the 80% range of the daily stochastic. The stochastic bands are sloping upward indicating a bullish momentum. The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend.

General Outlook for Gold (XAUUSD)
Gold’s (XAUUSD) lacks buyers at higher price levels. The upward moves have been restricted below the $1,800 resistance zones. Presently, the Fibonacci tool has indicated that Gold will rise to level 1.618 Fibonacci extension or $1,801.20.


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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.