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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: Bullish
XAUUSD is in an uptrend. Gold has risen tremendously from its previous low of $1,680 to $1,890. The market reached the high of $1,925 and was repelled. Gold retraced to the support of the 21-day SMA. The uptrend will resume if the 21-day SMA holds. However, if prices break below the 21-day SMA, the downtrend will resume.
Daily Chart Indicators Reading:
XAUUSD is at level 55 of the Relative Strength Index period 14. It indicates that Gold is in the uptrend zone and above the centerline 50. The 21-day SMA and 50-day SMA are sloping upward indicating the uptrend. Gold has a bullish crossover. The 21-day SMA crosses above the 50-day SMA which indicates a buy signal.
Gold (XAUUSD) Medium-term bias: Bullish
On the 2 hour chart, the XAUUSD price is in an upward move. The current bullish trend has reached the overbought region of the market. Meanwhile, on June 4 uptrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that Gold will rise to level 1.272 Fibonacci extensions or level $1,903.10.
4-hour Chart Indicators Reading
Gold is above the 80% range of the daily stochastic. It is in a bullish momentum. XAUUSD has reached the overbought region of the market. The 21-day SMA and the 50-day SMA are sloping upward indicating an uptrend.
General Outlook for Gold (XAUUSD)
XAUUSD’s price is in an upward move. The gold price has currently reached the overbought region of the market. The market declines and finds support above $1,850. XAUUSD is likely to resume an upward move.
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