Gold (XAUUSD) Rebounds Above $1,760 Support,Targets the $1,860 High

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RESULTS

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

Gold (XAUUSD) Long-term Trend: Bullish
Gold’s (XAUUSD) price has broken above the moving averages. The uptrend will resume if the bullish momentum is sustained. After the November 23 breakdown, the Gold price has been consolidating above the $1,760 support. On December 15, the price rebounded above the current support signaling the current uptrend. The uptrend will face resistance at $1,820. The Gold price will rally to $1,860 if buyers overcome the initial resistance.

Daily Chart Indicators Reading:
With the current uptrend, Gold is at level 53 of the Relative Strength Index for period 14. XAUUSD is in the uptrend zone and above the centerline 50. It is capable of rising. The 21-day SMA and the 50-day SMA are sloping horizontally indicating the sideways trend. Gold price is above the moving averages which will make it to rise.

Gold (XAUUSD) Medium-term bias: Bearish
On the 1 hour chart, the Gold price is in an uptrend. The Gold price has broken above the moving averages. The current uptrend has reached the overbought region of the market. Meanwhile, on December 16 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 $1,797.22. From the price action, the market has risen above the Fibonacci level.

4-hour Chart Indicators Reading
Gold price is above the 80% range of the daily stochastic. The market has risen to the overbought region. The Gold price is likely to retrace or fall. In other words, sellers will emerge in the overbought region of the market to push prices down.

General Outlook for Gold (XAUUSD)
Gold’s (XAUUSD) price is now in an uptrend. The market is likely to revisit the previous high of $1,860. However, the uptrend is likely to face rejection.


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