Gold (XAUUSD) Is In A Minor Retracement, Set For More Upside Momentum

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

Gold (XAUUSD) Long-term Trend: Bullish
For the past two months, Gold has consistently remained bullish. Gold has risen from the low of $1,675 to the high of $1,895.52 at the time of writing. XAUUSD was making a series of higher highs and lower highs. The upward move is doubtful because the market is said to reach the overbought region. Besides, Gold is facing resistance at a high of $1,910.

Daily Chart Indicators Reading:
XAUUSD has risen to level 73 of the Relative Strength Index period 14. It indicates that Gold is in the uptrend zone and in the overbought region. The 21-day SMA and 50-day SMA are sloping upward indicating the uptrend. Gold has a bullish crossover. The 21-day SMA crosses above the 50-day SMA which indicates a buy signal.

Gold (XAUUSD) Medium-term bias: Bullish
On the 4 hour chart, the XAUUSD price is in a range-bound move. The uptrend was resisted at the high of $1,910. Gold retraced to level $1,895 and resumed a sideways move. Meanwhile, on May 26 uptrend, a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that Gold will rise to level 2.0 Fibonacci extensions or level $1,950.65.

4-hour Chart Indicators Reading
Gold is below the 40% range of the daily stochastic. It is in a bearish momentum. The 21-day SMA and the 50-day SMA are sloping upward indicating an uptrend.

General Outlook for Gold (XAUUSD)
XAUUSD’s price is trading in the bullish trend zone. XAUUSD is in a range-bound move after a minor retracement. According to the price indicator, Gold will rise to level 2.0 Fibonacci extension or level $1,950.65.

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