Gold (XAUUSD) Is in a Sideways Trend as Bulls and Bears Reach Indecision

Gold (XAUUSD) Is in a Sideways Trend as Bulls and Bears Reach Indecision

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

Gold (XAUUSD) Long-term Trend: Ranging
XAUUSD is range-bound above level $1,760 support. The Gold downward move has been terminated above level $1,760. Since June 18, the price has been fluctuating above the current support. XAUUSD has ended its bearish trend above level $1,760. The market will rise if the current support holds.

XAUUSD – Daily Chart

Daily Chart Indicators Reading:
Gold has fallen to level 37 of the Relative Strength Index period 14. It indicates that Gold is near the oversold region of the market. . The 21-day SMA and 50-day SMA are sloping downward indicating the downtrend. Gold is presently in a bearish trend zone as price is below the SMS.

Gold (XAUUSD) Medium-term bias: Ranging
On the 4 hour chart, the Gold price is in a range-bound move. The price has been in a range-bound between level $1,760 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.

XAUUSD – 4 Hour Chart

4-hour Chart Indicators Reading
Gold is below the 80% range of the daily stochastic. It indicates that the market has reached the overbought 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 been consolidating above $1,760. The Gold price has been stable as the price action is characterized by small body indecisive candlesticks called Doji and Spinning tops. These candlesticks indicate that buyers and sellers are undecided about the direction of the market.


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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.