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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: Bullish
Gold is in an upward move. On May 6, the bulls broke the resistance at $1,800 as price rallied to $1,840. Gold pulled back and resumed upward move. On May 13 uptrend, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that Gold is expected to rise to level 1.618 Fibonacci extension or the high of $1,898.16.
Daily Chart Indicators Reading:
The Gold price has risen to level 62 of the Relative Strength Index period 14. It indicates that Gold is in the uptrend zone. The 21-day SMA and 50-day SMA are sloping upward indicating the uptrend. Gold has a bullish crossover. The 21-day SMA crosses above the 50-day SMA which indicates a buy signal.
Gold (XAUUSD) Medium-term bias: Bullish
On the 4 hour chart, the XAUUSD price is in an upward move. The upward move is facing resistance at $1840 as price fluctuates below the resistance level. On May 7 uptrend, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that Gold is expected to rise to level 1.618 Fibonacci extensions or the high of $1,863.20.
4-hour Chart Indicators Reading
Gold above 40% range of the daily stochastic. Gold is in bullish momentum. The 21-day SMA and the 50-day SMA are sloping upward indicating an uptrend.
General Outlook for Gold (XAUUSD)
XAUUSD price is trading marginally in its upward move. Firstly, buyers breached the resistance at $1,800 as the market rally to $1,840. Presently, the Gold price is facing resistance at the recent high.
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