Gold (XAUUSD) Upward Move Is Facing Rejection at Level 1740, the Downtrend May Resume
Login

Gold (XAUUSD) Upward Move Is Facing Rejection at Level 1740, the Downtrend May Resume

Estimated Reading Time: 2 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:

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

Gold (XAUUSD) Long-term Trend: Bearish
Gold is presently in a downward move. Today, the price is correcting upward and retesting the resistance at level 1740. In the previous downtrend on January 18; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that Gold is expected to fall to level 1.618 Fibonacci extension. That is the low of level 1700. The price action has confirmed this low but the downtrend will resume it faces rejection at level 1740.

XAUUSD – Daily Chart

Daily Chart Indicators Reading:
The price has fallen to level 39 of the Relative Strength Index period 14. It indicates that Gold is in the downtrend. The price has broken below SMAs which indicates that Gold is falling. The SMAs are sloping southward.

Gold (XAUUSD) Medium-term bias: Bearish
On the 4 hour chart, the XAUUSD is also falling. On March 8, the price fell to level 1680 but corrected upward. The upward correction was rejected at level 1740. On the upside, Gold will resume upward if price breaks the resistance at level 1740. The downtrend will resume if the resistance remains unbroken.

XAUUSD – 4 Hour Chart

4-hour Chart Indicators Reading
XAUUSD is above the 80% range of the daily stochastic. The market has reached the overbought region. The price is likely to fall. The SMAs are sloping downward indicating the downtrend.

General Outlook for Gold (XAUUSD)
XAUUSD is falling after rejection from level 1740. If price falls and breaks level 1680, the downtrend will resume. Otherwise, the current uptrend will continue on the upside.

You can purchase crypto coins here: Buy Coins

Note: Learn2Trade.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News