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Key Support Levels: $1,750, $1, 700,$1,650
Gold (XAUUSD) Long-term Trend: Ranging
Gold is making positive moves as price breaks the resistance at $1,750. XAUUSD will be out of the range-bound zone if the bullish momentum is sustained. The upward move may face resistance at $1,800 and $1,840. In the previous price action, Gold was rejected at those previous highs.
Daily Chart Indicators Reading:
The gold price has broken the resistance of the horizontal channel. The uptrend will resume if price breaks the resistance level and closes above it. The 21-day SMA and 50-day SMA are sloping downward but are making a U-turn.
Gold (XAUUSD) Medium-term bias: Bullish
On the 4 hour chart, the XAUUSD has resumed an uptrend as price breaks the resistance at $1,750.On April 6 uptrend, a retraced candle body tested the 61.8% Fibonacci retracement. The retracement implies that Gold will rise to level 1.618 Fibonacci extension. That is the high of level $1,758.71.
4-hour Chart Indicators Reading
XAUUSD is above the 80% range of the daily stochastic. The stochastic bands are sloping upward and approaching the overbought region of the market. Gold has a bullish crossover as the 21-day SMA crosses above the 50-day SMA. This bullish crossover indicates bullish signals.
General Outlook for Gold (XAUUSD)
XAUUSD price has broken the resistance at $1,750. The Gold price is expected to resume an uptrend as the market was earlier range bound between $1,720 and $1,750 since February. The present upward move will be short-lived as price reached the overbought region of the market.
Source: https://learn2.trade
