The market analysis indicated that the previously robust upward momentum of Gold has experienced a deceleration. Following its rapid ascent from 1804.0 to 1958.0, the market has remained mostly stagnant, failing to move beyond the next resistance level.
Gold Significant Levels
Support Levels: 1958.0, 1804.0, 1612.9
Resistance Levels: 2068.0, 2150.0, 2300.0
Gold Long-Term Trend: bullish
However, despite this momentary setback, the long-term trend of Gold remains upward. Last year, the bears capitalized on the retracements in the downward trend. But following the market’s reversal at the notable level of 1958.0, it plummeted to the support level of 1804.0, where the whales heavily shorted the market. Ultimately, a triple top chart pattern culminated in the end of the short-term rally, thus continuing the downward trend from the significant level of 1868.0. Furthermore, the Stochastic indicator illustrated the market’s overbought status in June, and the emergence of the Parabolic SAR (Stop and Reverse) point above the 1868.0 supply level confirmed the resumption of the downward trend.
Nevertheless, the retracement to address the inefficient regions of the downward displacement was halted in August when the Stochastic signaled the exhaustion of the buyers. Subsequently, the Parabolic SAR (Stop and Reverse) point switched positions to rest above the daily candles upon the test of the supply level of 1804.0.
Gold Short-Term Trend: Bullish
In the short-term, gold is presently exhibiting a upward trend, having surmounted the significant level of 1958.0. The multiple retests of the upward order-block situated at this level revealed the market’s hesitancy to reach the major high of 2068.0. However, the Stochastic indicator is already oversold on both the four-hour and 24-hour charts, implying that the bulls may capitalize on the opportunity to reach for the 2068.0 high. In summary, though the strong upward momentum of gold.
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