XAUUSD Analysis – March 16
XAUUSD is set to break the 1957.770 resistance level. The Gold market has been on a strong ascendency since the end of last year into this year. The price only took a hit when it met the 1957.770 significant level. This led to an immediate dip in price, which only stopped at 1802.280. The market then forms a double bottom pattern, which breaks the immediate barrier and thrusts the price towards 1957.770.
XAUUSD Critical Levels
Supply Zone: 1957.770, 2001.280, 2068.900
Demand Zone: 1802.280, 1964.970, 1621.480
XAUUSD Long-Term Trend: Bullish
Buyers are not about to quickly relinquish their hold on the market after a strong showing from last year that saw the market rise by more than 20%. The price being hindered at 1957.770 caused a setback, but the buyers have stabilized themselves above the 1802.280 support level. From there, they regained strength and drove the price back toward the 1957.770 resistance.
The market has done well to push itself back above the EMA period 50 (Exponential Moving Average) after it fell below it during the plunge. The Momentum indicator shows that market momentum has been on the rise since the price bounced off the 1802.280 demand level. The bulls are determined to break the hold of the 1957.770 key level.
XAUUSD Short-Term Trend: Bullish
The short-term time frame shows the EMA period 50 sliding below the market and acting as support for the rise of the price. The Momentum indicator line reached a sharp high on the 13th of March but pulled back a bit before making a consistently higher high. Gold is raring to break through the 1957.770 barriers to continue its bullish movement.
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