Key Resistance Levels: $1,900, $1,950, $2000
Key Support Levels: $1,750, $1, 700, $1,650
Gold (XAUUSD) Long-term Trend: Bearish
Gold (XAUUSD) is in a downward move as price breaks below the moving averages. Further downward moves are expected as price breaks below the moving averages. Gold has fallen to the low of level $1762 which is the previous low of October 18 and November 3. The market will resume upward if the current support holds. A revisit to level $1,820 is likely. Otherwise, the Gold price will fall to a September 21 low of $1,721.
Daily Chart Indicators Reading:
Gold is at level 39 of the Relative Strength Index for period 14. XAUUSD is now in the downtrend zone and below the centerline 50. Gold price is below the moving averages which makes it prone to fall. The 21-day SMA and the 50-day SMA are sloping horizontally indicating the sideways trend.
Gold (XAUUSD) Medium-term bias: Bearish
On the 4 hour chart, the Gold price is in a downward move. Since November 23 downtrend, the market has been trading below the $1,800 resistance level. Meanwhile, on December 2, the Gold price slumped to $1,762 low as bulls bought the dips. Meanwhile, on November 28 downtrend; a retraced candle body tested the 78.6 % Fibonacci retracement level. The retracement indicates that Gold will fall to level 1.272 Fibonacci extension or $1,740.98.
4-hour Chart Indicators Reading
Gold is below the 20% range of the daily stochastic. Gold has fallen to the oversold region of the market. Buyers are attempting to push the price upward.
General Outlook for Gold (XAUUSD)
On December 2, Gold’s (XAUUSD) fell and revisited the previous low of $1,762. On November 3, the Gold price rebounded above the $1,762 support to reach the high of $1,880. Today, the upward move has resumed.
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