Gold (XAUUSD) Rebounds Above $1,745, Rallies To $1,770 High

Gold (XAUUSD) Rebounds Above $1,745, Rallies To $1,770 High

Key Resistance Levels: $1,900, $1,950, $2000
Key Support Levels: $1,750, $1, 700,$1,650

Gold (XAUUSD) Long-term Trend: Bullish
Gold has been fluctuating between levels $1,680 and $1,740 for the past month. Today, XAUUSD has broken above the upper price range. If the current bullish momentum is sustained, the uptrend will continue.

XAUUSD – Daily Chart

Daily Chart Indicators Reading:
The gold price has broken above the moving averages. If price remains above the SMAs, the market will continue to rise on the upside. Gold is at level 56 of the Relative Strength Index period 14. It indicates that the market is in the uptrend zone and above the centerline of 50.The 21-day SMA and 50-day SMA are sloping downward.

Gold (XAUUSD) Medium-term bias: Bullish
On the 4 hour chart, the XAUUSD price rallied to the high of $1.770 after breaking the resistance at $1,740. On April 13 uptrend, a retraced candle body tested the 50% Fibonacci retracement. The retracement implies that Gold will rise to level 2.0 Fibonacci extension. That is the high of level $1,772.74.

XAUUSD – 4 Hour Chart

4-hour Chart Indicators Reading
XAUUSD is above the 80% range of the daily stochastic. Gold is trading in the overbought region of the market. The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend. This bullish crossover indicates bullish signals

General Outlook for Gold (XAUUSD)
XAUUSD price has resumed upward move. The gold price rallied to $1,770 but it is currently retracing on the downside. Gold is presently facing rejection at the recent high. The upward move will resume if price finds support.


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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.