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Gold (XAUUSD) May Reverse at Support Level of $1,750 to Target $1,796 – Cryptovibes.com – Daily Cryptocurrency and FX News

Gold (XAUUSD) May Reverse at Support Level of $1,750 to Target $1,796 – Cryptovibes.com – Daily Cryptocurrency and FX News


Gold Weekly Price Analysis – December 04

Further price decrease is not envisaged as the bulls’ momentum increases before weekly market closed and this may push the price to penetrate the $1,796 level, then, the resistance level of $1,831 and $1,873 will be the target. In case the $1,796 level holds, the price will continue its bearish momentum and may face the support levels at $1,750, $1,717, and $1,700.

XAUUSD Market

Key levels:

Resistance levels: $1,796, $1,831, $1,873

Support levels: $1,750, $1,717, $1,700

 

XAUUSD Long-term Trend: Bearish

The bears has been ruling the Gold market for more than two weeks; the price started selling from the high of $1,873 on November 16. The price declined, broke down the former support levels of $1,831, $1,796, and tested $1,750. The bulls gained momentum on November 30: a daily strong bullish candle emerges which pulled back the price but the bears opposed the movement and it decrease to $1,750.

XAUUSD Daily chart, December 04

The gold price has penetrated the fast-moving EMA (9 periods EMA) and the slow-moving EMA (21 periods EMA) downside; the price is trading below the two EMAs. Further price decrease is not envisaged as the bulls’ momentum increases before weekly market closed and this may push the price to penetrate the $1,796 level, then, the resistance level of $1,831 and $1,873 will be the target. In case the $1,796 level holds, the price will continue its bearish momentum and may face the support levels at $1,750, $1,717, and $1,700.

 XAUUSD Medium-term Trend: Bullish

The bearish momentum is becoming weak as the price approached the support level of $1,750, the price bounces and increase towards the resistance level of $1,796 after passing through the barriers at dynamic resistance levels.

XAUUSD 4-hour chart, December 04

The two EMA is currently below the price, in other words, Gold is trading above the 9 periods EMA and 21 periods EMA as an indication of a bullish movement in the Gold market.  The relative strength index is bending up at 70 levels to indicate a buy signal.



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