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Gold (XAUUSD) Price May Experience Bullish Reversal at $1,741 Price Level – Cryptovibes.com – Daily Cryptocurrency and FX News

Gold (XAUUSD) Price May Experience Bullish Reversal at $1,741 Price Level – Cryptovibes.com – Daily Cryptocurrency and FX News


Gold Weekly Price Analysis – July 03

An increase in the Bulls’ pressure will break up $1,789 level, price may increase to the resistance levels at $1,818 and $1,845. In case the bulls could not break up $1,789 level, the price may decrease towards the support level at $1,741, then, $1,643 support level may be tested and there may be a price declination to the support level of $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: Bullish

Gold is bullish on the long-term outlook. The yellow metal has been trading within the $1,789 and $1,741 for more than seven days. The price action has form a double bottom chart pattern on the daily chart. On June 30, the bulls increase their momentum with the formation of daily bullish candles. The price increases towards the $1,789 price level. The metal is trying to break up the level before the weekly market closed.

XAUUSD daily chart, July 03

Gold market closed with a strong bullish momentum above the dynamic resistance level of 9 periods EMA as indicated on the daily chart; this indicate that the bulls are preparing to take over the Gold market.   An increase in the Bulls’ pressure will break up $1,789 level, price may increase to the resistance levels at $1,818 and $1,845. In case the bulls could not break up $1,789 level, the price may decrease towards the support level at $1,741, then, $1,643 support level may be tested and there may be a price declination to the support level of $1,643.

XAUUSD Medium-term Trend: Ranging

Gold is on the bullish movement on the 4-hour chart. Gold was on the ranging movement within the $1,787 and $1,741 levels last two weeks. It has tested the support level of $1,741 two times. Towards the end of last week, the price increases and penetrate the two dynamic resistance upside. Gold was trying to penetrate the $1,789 price upside before the closing of weekly market.

XAUUSD 4 hour chart, July 03

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 60 levels with the signal line displaying sell signal which may be a pullback.



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