Gold (XAUUSD) Strikes Major Resistance Level

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Market Analysis – May 5

Gold reached its highest price of the year this week. The price rallied from a bullish order block resting on the support level of 1958.0 to the supply level of 2068.0

Gold Key Levels

Resistance Levels: 2068.0, 2080.0, 2100.0
Support Levels: 1958.0, 1868.0, 1804.0

Gold Long-Term Trend: Bullish 

Gold has defied all odds, as the buyers have successfully reached the highest price of 2068.0. In February, the Bulls were faced with strong resistance. The Williams Percent Range had indicated the market was oversold. The  Parabolic SAR (Stop and Reverse) appeared above the daily candles to show the decline in the price. 

The Buyers used the demand level of 1804.0 for recovery after the whiplash at the 1958.0 resistance level. The bullish trend was restored with the aid of a double bottom. The price broke the 1958.0 supply level on the 17th of March after the upthrust from a bullish order block.

Gold Short-Term Trend: Bullish

Gold used the support level of 1958.0 to engineer the last push toward the resistance level. The return to the bullish order block currently  is anticipated and ought to provide support to finally break 2068.0.

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