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Gold (XAUUSD) Price Bounces at $1,680 Support Level, Further Increase Envisaged – Cryptovibes.com – Daily Cryptocurrency and FX News

Gold (XAUUSD) Price Bounces at $1,680 Support Level, Further Increase Envisaged – Cryptovibes.com – Daily Cryptocurrency and FX News


Gold Weekly Price Analysis – August 14

In case the bulls push the price to break up $1,789 resistance level and it holds, the price may increase and target the resistance levels at $1,818, $1,845. Should bears defend the resistance level of $1,789, the price may decrease towards $1,741, $1,680 and $1,643.

XAUUSD Market

Key levels:

Resistance levels: $1,789, $1,818, $1,845

Support levels: $1,741, $1,680, $1,643

XAUUSD Long-term Trend: Bearish

On the long-term outlook, Gold is bullish. The yellow metal found support at $1,680 on 09 August. The bulls opposed the bearish trend with the formation of long tailed daily bearish candle. Followed the bullish opposition is the formation of doji daily candle as a sign of bullish reversal. The price increases towards the $1,789 level after the broken up of $1,741 price level. Gold weekly market closed around $1,789 zone.

Gold daily chart, August 14

Buyers are dominating Gold market. On daily chart, it is trading above the 9 periods EMA but below 21 periods EMA; this indicate that the bulls’ momentum is increasing. In case the bulls push the price to break up $1,789 resistance level and it holds, the price may increase and target the resistance levels at $1,818, $1,845. Should bears defend the resistance level of $1,789, the price may decrease towards $1,741, $1,680 and $1,643.

XAUUSD Medium-term Trend: Bullish

Gold is on the bullish movement on the 4-hour chart. The bearish momentum was interrupted when it reaches the support level of $1,680. The price bounced and increase above $1,741 level. More bullish candles were produced and the price increases targeting the resistance level of $1,789.

Gold 4 hour chart, August 14

Gold is trading above the 9 periods EMA and 21 periods EMA as an indication of a bullish market. The Relative Strength Index period 14 is at 70 levels with the signal line displaying buy signal.



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