Gold (XAUUSD) Is Witnessing a Slow Impulse to Buy Strength

Market Analysis – April 5th

Gold (XAUUSD) is witnessing a slow impulse in buy strength. The market has experienced a fantastic drive in buy strength after breaching the significant level of 2225.700. The sellers have been kept at bay for weeks, unable to gain control of the market. The bullish momentum in the Gold market has been on point, pushing the price up to a significant level of 2306.580. 

Gold (XAUUSD) Key Levels

Resistance Levels: 2306.580 2225.710 
Support Levels: 2150.000 2077.700

Gold (XAUUSD) Long-Term Trend: Bullish

The bullish traders in the gold market stepped into action late in February, forcing their way above the price zone of 2150.000. This successful breakout beyond a key level solidified the market’s momentum.

From there, the bullish tide continued to reflect stronger in the market. Gold managed to suppress through the rough side of the 2150.020 key level, gaining further momentum. Early this month, the buyers were able to press through the significant level of 2225.710, showcasing their determination and strength.

Gold (XAUUSD) Short-Term Trend: Bullish

Currently, the bullish drive has slowed down as buyers encounter resistance at the 2306.580 significant level. After trading at such lengths, it is expected to see a temporary pullback in price momentum.

However, the buyers still look confident in their ability to break through beyond the 2306.000 significant level shortly. The Parabolic SAR Stop and Reverse indicator maintains a bullish, strong course. This suggests that the buyers may relent for now, but a further breakthrough is plausible later.

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