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Double Bottom Chart Pattern Formed, Bullish Movement Envisaged – Cryptovibes.com – Daily Cryptocurrency and FX News

Double Bottom Chart Pattern Formed, Bullish Movement Envisaged – Cryptovibes.com – Daily Cryptocurrency and FX News


Gold Weekly Price Analysis – October 02

Should the bulls push the price above the resistance level of $1,789, then, bullish pressure may extend to the $1,830 and $1,873 resistance levels. In case the resistance level of $1,789 holds, price may decrease towards the support levels at $1,750, and it may decrease to $1,717 and $1,680.

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. The price action of Gold has formed a “double bottom” chart pattern on the daily chart. This type of chart pattern is a bullish reversal pattern. The price reached the support level of $1,717 on 29 September. After the scenario, a bullish engulfing candle pattern formed which confirms the commencement of the bullish movement in the Gold market. The former resistance level of $1,750 was broken upside before weekly market closed. Further price increase envisaged next week.

Gold daily chart, October 02

The 9 periods EMA is bending towards the 21 periods EMA and Gold has crossed the two EMAs upside and it is trading above the two EMAs. There is an indication that the bulls may dominate the gold market next week. The price is already exposed to the $1,789 resistance level, should the bulls push the price above the resistance level of $1,789, then, bullish pressure may extend to the $1,1830 and $1,1873 resistance levels. In case the resistance level of $1,789 holds, price may decrease towards the support levels at $1,750, and it may decrease to $1,717 and $1,680.

XAUUSD Medium-term Trend: Bullish

Gold is on the bullish movement on the 4-hour chart. The price retested the August low at $1,717 support level after it penetrated the $1,750 downside. The bears’ pressure became weak and could not break down the support level of $1,717. The yellow metal bounced up with the aid of the bulls’ pressure. It is increasing towards the resistance level of $1,789.

Gold 4 hour chart, October 02

The price is trading above the 9 periods EMA and 21 periods EMA as an indication of bullish market. The Relative Strength Index period 14 is at 60 levels with the signal line pointing up to indicate buy signal.

 

 

Cryptovibes: Gold (XAUUSD) Price: Bears are Getting Ready to Take Over Next Week

Gold (XAUUSD) Price: Bears are Getting Ready to Take Over Next Week



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