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Gold (XAUUSD) Price; Bullish Trend May Continue After Retracement to $1,741 Level, – Cryptovibes.com – Daily Cryptocurrency and FX News

Gold (XAUUSD) Price; Bullish Trend May Continue After Retracement to $1,741 Level, – Cryptovibes.com – Daily Cryptocurrency and FX News


Gold Weekly Price Analysis – April 10

The bullish momentum may continue next week provided the support level of $1,741 reject the bears’ pressure and price will increase towards $1,789, $1,818 and $1,873 resistance levels. In case the bears’ pressure penetrate the $1,741 level and the bearish candle close below the level, Gold price may be targeting $1,680 and $1,643 price level.

XAUUSD Market

Key levels:

Resistance levels: $1,789, $1,818, $1,873

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

XAUUSD Long-term Trend: Bullish

Gold is on the bullish movement on the long-term outlook. Gold commences bullish trend on March 31 after it bottomed at the support level of $1,680. It bounces from the level and increases towards the $1,741 price level. The brown metal breaks up the just mentioned level on April 08. It carries out price retest on the following day. The last week market closed at the $1,741 price level.

The fast moving average is trying to cross the slow moving average upside indicating an increase in the bulls’ momentum. Gold metal has penetrated the two EMAs upside and It is trading above the 9 periods EMA and 21 periods EMA. The bullish momentum may continue next week provided the support level of $1,741 reject the bears’ pressure and price will increase towards $1,789, $1,818 and $1,873 resistance levels. In case the bears’ pressure penetrate the $1,741 level and the bearish candle close below the level, Gold price may be targeting $1,680 and $1,643 price level.

XAUUSD Medium-term Trend: Bullish

Gold is bullish on the 4-hour chart. The brown metal is following the direction of the price action formed (a double bottom chart pattern) last week. This is a bullish chart pattern indicating that price may increase higher. Further price increase is envisaged after the pullback experienced.

Gold is trading below the 21 periods EMA and 9 periods EMA with the two EMAs separated as an indication of pullback market. The Relative Strength Index period 14 is at 50 levels with the signal lines pointing up to indicate buy signal.



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