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XAUUSD Analysis – Buyers Struggle to Keep Up With Demand
The Gold price plummets as buyers struggle to keep up with selling momentum. After the buyers managed to push prices up to the 2051.810 key zones, it became apparent that the bulls were unable to sustain their strength and began to lose ground with the sellers.
The wave of bearishness that followed caused the 1980.920 key zones to be breached, and eventually, the 1948.360 key level was broken.
XAUUSD Key Levels
Resistance Levels: 2051.810, 1980.920
Support Levels: 1904.520, 1811.210
Gold Long-Term Trend: Bearish
Recent Gold market data has indicated that the sellers have gained strength following the breach of the 1947.360 key level, leading to more chances of selling progress in the coming days if the selling pressure continues to persist.
This is due to the influx of sell traders pushing the market lower, which will make it easier for the 1904.520 level to be broken shortly. The bulls have not been able to keep up with the buying strength in the market.
As evidenced by the Bollinger Band Indicator just pushing out from its compression phase and the Stochastic Oscillator phasing downward. This indicates that the market is continuing to hold its strength.
Gold Short-Term Trend: Bearish
This recent shift in the market has caused analysts to re-evaluate their outlook on gold prices. Many believe that the gold market is now primed for further downward movement due to the lack of strength among buyers.
As a result, some investors are choosing to take a defensive stance and reduce their exposure to gold, while others are attempting to capitalize on the bearish trend by opening short positions. The 1904.520 market level, therefore, looks like a level to be breached in the coming days.
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