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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: Ranging
The gold price has been in a range-bound move since March. Since its fall to level $1,680 low, the market has been fluctuating between levels $1,680 and $1,900. XAUUSD is an upward move from the low of 1,680. The upward move is facing resistance at level $1,832. The market will rise to revisit the previous resistance at level $1,900.
Daily Chart Indicators Reading:
Gold has risen to level 62 of the Relative Strength Index period 14. It indicates that the market has reached the bullish trend zone and above the centerline 50. The 21-day SMA and 50-day SMA are sloping horizontally indicating the sideways trend.
Gold (XAUUSD) Medium-term bias: Bullish
On the 4 hour chart, the market is an uptrend. Gold price is making a series of higher highs and higher lows. Each higher high is greater than the previous one. Meanwhile, on August 30 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that Gold will rise to level 1.272 Fibonacci extension or level $1,834.07.
4-hour Chart Indicators Reading
XAUUSD is above the 60% range of the daily stochastic. It indicates that the market is in bullish momentum. Gold price is expected to rise. The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend.
General Outlook for Gold (XAUUSD)
XAUUSD’s price is an uptrend. The uptrend is likely to reach the high of $1,840. However, XAUUSD may face resistance as the market will be reaching the overbought region.
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