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Bears Oppose Bulls at $1,789, Further Declination Envisaged – Cryptovibes.com – Daily Cryptocurrency and FX News

Bears Oppose Bulls at $1,789, Further Declination Envisaged – Cryptovibes.com – Daily Cryptocurrency and FX News


Gold Weekly Price Analysis – October 16

Gold price may fall further if the bears’ momentum increases, it may push the price to $1,750 level and below the support level just mentioned are $1,717 and $1,680 support levels. In case the dynamic support level remains on hold, price may resume its bullish movement towards the resistance level of $1,789, and it may increase to $1,830 and $1,873.

XAUUSD Market

Key levels:

Resistance levels: $1,789, $1,830, $1,873

Support levels: $1,750, $1,717, $1,680

XAUUSD Long-term Trend: Bullish

Gold is bullish on the long-term outlook. Gold started a bullish movement on September 30 at the support level of $1,717. A bullish engulfing candle formed triggered the bullish movement. It increases and break up $1,750 level which extends to $1,750. There was a fake breakout at the level. The US Core Retail sales report on October 15 favored US Dollar and made Gold price to fall towards $1,750 level.

The 9 periods EMA remains above the 21 periods EMA and Gold is trading above the two EMAs at close contact which indicate that the bears are prevailing in the Gold market before weekly market closed. Gold price may fall further if the bears’ momentum increases, it may push the price to $1,750 level and below the support level just mentioned are $1,717 and $1,680 support levels. In case the dynamic support level remains on hold, price may resume its bullish movement towards the resistance level of $1,789, and it may increase to $1,830 and $1,873.

XAUUSD Medium-term Trend: Bearish

Gold is on the bearish movement on the 4-hour chart. Last two weeks, the price broke out of the consolidating mode during the US Non-farm payroll reports. It rallied towards the resistance level of $1,789. The bears interrupted the bullish movement at $1,789 zone and return the price to previous low level.

The price is trading below the 9 periods EMA and 21 periods EMA as an indication of bearish market. The Relative Strength Index period 14 is at 40 levels with the signal line pointing down to indicate sell signal.



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