Gold (XAUUSD) Rises Upward, Targets $1,920 High

Updated:

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) is in an uptrend. The market is rising as the price bars are above the moving averages. The current uptrend is stuck at $1,877 since November 16. The upward move will resume if the current resistance is breached. Meanwhile, on November 16 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that Gold will rise but reverse at level 1.272 Fibonacci extension or $1,907.00.

XAUUSD – Daily Chart

Daily Chart Indicators Reading:
The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend. Gold is at level 65 of the Relative Strength Index period 14. The market is approaching the overbought region. 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 uptrend. The upward move has been stuck at level $1,866. XAUUSD is in a sideways move below the resistance. Meanwhile, on November 16 uptrend; a retraced candle body tested the 78.6 % Fibonacci retracement level. The retracement indicates that Gold will rise but reverse at level 1.272 Fibonacci extension or $1,907.

XAUUSD – 4 Hour Chart

4-hour Chart Indicators Reading
Gold is above the 50% range of the daily stochastic. The market is in bullish 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) is in an uptrend. The market is approaching the previous historical price level of $1,916. Buyers will face stiff resistance at the recent high. The overhead has not been broken since June 2.



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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.