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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
On June 29, XAUUSD fell to the low of $1,755 as bulls bought the dips. XAUUSD rebounded above the current support as buyers pushed the Gold price to the high of $1,834. Gold was rejected at the recent high on July 15. Today, buyers are retesting the same resistance level to break it. On the upside, if the resistance at level $1,834 is breached, the market will rally to $1,880 high. Meanwhile, on July 15 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that Gold will rise to level 1.618 Fibonacci extension or level $1,886.69.
Daily Chart Indicators Reading:
Gold has risen to level 60 of the Relative Strength Index period 14. It indicates that Gold is in the uptrend zone and above the centerline 50. The 21-day SMA and 50-day SMA are sloping upward indicating the uptrend. A break above the 50-day SMA will propel Gold to rise.
Gold (XAUUSD) Medium-term bias: Bullish
On the 4 hour chart, the Gold price has fallen to a low of $1,794.The gold price was fluctuating between levels $1,794 and $1,807 before the eventual breakout. Meanwhile, on July 26 uptrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that Gold will rise to level 2.618 Fibonacci extension or level $1,846.13.
4-hour Chart Indicators Reading
Gold is above the 80% range of the daily stochastic. It indicates that the market has reached the overbought region of the market. The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend.
General Outlook for Gold (XAUUSD)
XAUUSD has resumed upward move as bulls bought the dips. Gold’s price rebounded above the previous low of $1,794 to reach the high of $1,830. According to the Fibonacci tool, the market will rise to level $1,846.13.
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