Gold (XAUUSD) Resumes Uptrend as It Rallies Above the $1,820


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

Gold (XAUUSD) Long-term Trend: Bullish
Gold (XAUUSD) rebounds above level 1760 as price breaks above the moving averages. Gold price also breaks above the resistance at $1,820. XAUUSD is out of a downward correction. Buyers are on the advantage to push the index on the upside. The market is expected to reach a high of $$1,900. The upward move is doubtful as Gold approaches the overbought region.

XAUUSD – Daily Chart

Daily Chart Indicators Reading:
The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend trend. Gold is at level 68 of the Relative Strength Index period 14. The market is approaching the overbought region. Gold has not enough room to rally on the upside. The crypto’s price is above the moving averages which indicate a possible rise of Gold.

Gold (XAUUSD) Medium-term bias: Bullish
On the 4 hour chart, the Gold price is in an upward move as price breaks above the moving averages. The upward move is facing rejection at $1,870. Since November 10, the uptrend has been stalled. The market will resume upward if current resistance is breached. Meanwhile, on November 9 uptrend; a retraced candle body tested the 50 % Fibonacci retracement level. The retracement indicates that Gold will rise to level 2.0 Fibonacci extension or $1,911.95.

XAUUSD – 1 Hour Chart

1-hour Chart Indicators Reading
Gold is below the 60% range of the daily stochastic. The market is in a bearish momentum. The uptrend will resume if price finds support above the 21-day SMA. The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend.

General Outlook for Gold (XAUUSD)
Gold’s (XAUUSD) price has resumed its upward move. The bulls have broken the 1,820 resistance as the market approaches the previous high of $1,900. Gold is facing some resistance as the market approaches the overbought region.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.