Gold (XAUUSD) Shows Stability in Price, Resumes Uptrend

Updated:

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

Gold (XAUUSD) Long-term Trend: Ranging
Gold (XAUUSD) has continued to be in a range-bound move. Since May, the Gold price has been fluctuating between levels $1,725 and $1,820.The market is yet to trend. The sideways move has made the Gold price to be relatively stable. The $1,720 support has been tested twice as bears fail to breach the support level. Similarly, the bulls have retested the $1,820 high but were repelled. A break above the $1,820 high will catapult Gold to the high of $1,900.

XAUUSD – Daily Chart

Daily Chart Indicators Reading:
The 21-day SMA and the 50-day SMA are sloping horizontally indicating the sideways trend. Gold is at level 54 of the Relative Strength Index period 14. The crypto’s price is above the moving averages which indicate a possible rise in 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 the $1,800 resistance zone. Meanwhile, on November 4 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 $1,806.21.

XAUUSD – 2 Hour Chart

4-hour Chart Indicators Reading
Gold is above the 80% range of the daily stochastic. Gold price is in the overbought region of the market. The market is in a bullish momentum. The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend.

General Outlook for Gold (XAUUSD)
Gold’s (XAUUSD) price is resuming an upward move on the upside. Gold is rising to retest the $1,800 resistance level.



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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.