Gold Weekly Price Analysis – January 30
In case the bulls push the Gold to break up the $1,873 price level, $1,900 and $1,959 may be tested. Should the resistance level of $1,873 further defended by the bulls, the price may continue decreasing towards the $1,818, $1,789, and $1,741 levels.
Resistance levels: $1,873, $1,900, $1,959
Support levels: $1,818, $1,789, $1,741
XAUUSD Long-term Trend: Ranging
Gold is ranging on the long-term outlook. The metal went into an aggressive bearish breakout towards the support level of $1,818 on January 08. The bears’ momentum fails and the price increases but is prevented by the confluence at $1,873. The Bulls and the Bears are pushing the price within the $1,873 and $1,818 price level.
The two EMAs are close to each other and the price is pushed down and trading below the 9 periods EMA and 21 periods EMA as an indication of ranging market.
In case the bulls push the Gold to break up the $1,873 price level, $1,900 and $1,959 may be tested. Should the resistance level of $1,873 further defended by the bears, the price may continue decreasing towards the $1,818, $1,789, and $1,741 levels. The relative strength index period 14 is above 40 levels pointing up to indicate a buy signal.
XAUUSD Medium-term Trend: Ranging
The bears were ruling the Gold market till January 10 when the metal found support at $1,818. The bulls reacted against the bullish movement by produced a bullish candle pattern called cords of wood at the mentioned level. the price increased to $1,873 price level. Since then, the price has been ranging within the $1,818 and $1,873 price levels. The price is currently moving towards the support level of $1,818.
The price is trading around and over the two EMAs which indicates that the bears and the bulls are battling for a breakout. The Relative Strength Index period 14 is at 50 levels with the signal line pointing downside to indicate sell signal.