Gold (XAUUSD) Is Testing Level 1769.526, Further Selling Pressure Likely

Azeez Mustapha
18 February 2021 | Updated: 18 February 2021
  1. Key Resistance Levels: $1,900, $1,950, $2,000
    Key Support Levels: $1.700, $1,650,$1,600

    Gold (XAUUSD) Long-term Trend: Bearish
    Gold (XAUUSD) is presently in a downward movement. It fell to level 1785.526 and corrected upward. The upward correction was terminated at level 1855.455. The market has resumed its downward move. On February 4 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that Gold is expected to fall to level 1.272 Fibonacci extension and reverse. That is the low of level 1737.633.
XAUUSD – Daily Chart

Daily Chart Indicators Reading:
The price has fallen to level 33 of Relative Strength Index period 14. It indicates that Gold is approaching the oversold region. The price has broken below SMAs which indicates that Gold is falling. The SMAs are sloping downward, confirming the downtrend.

Gold (XAUUSD) Medium-term bias: Bearish
On the 4 hour chart, the XAUUSD is still on a downward move. On February 4 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that Gold is expected to fall to level 1.272 Fibonacci extension and reverse. That is the low of level 1745.746.

XAUUSD – 4 Hour Chart

4-hour Chart Indicators Reading
According to the daily stochastic, XAUUSD has fallen below the 20% range of the daily stochastic. The stochastic bands are sloping horizontally as the selling pressure persists. The SMAs are sloping downward indicating the downtrend.

General Outlook for Gold (XAUUSD)
Gold is testing the current support level at level 1769.526. If the support is broken it will be an indication of the further downward movement of price. According to the Fibonacci tool, the market will fall and reverse at level 1737.633.

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Azeez Mustapha

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.