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Gold (XAUUSD) Price May Retest $1,789 Level Before Bullish Movement Continues – Cryptovibes.com – Daily Cryptocurrency and FX News

Gold (XAUUSD) Price May Retest $1,789 Level Before Bullish Movement Continues – Cryptovibes.com – Daily Cryptocurrency and FX News


Gold Weekly Price Analysis – July 17

In case the Bears’ pressure increase and break down $1,818 level, price may decrease to the support levels at $1,789, $1,741 and $1,680. In case the bears could not break down $1,818 level, the price may continue to increase towards the resistance level at $1,845, then, $1,873 resistance level may be tested.

XAUUSD Market

Key levels:

Resistance levels: $1,818, $1,845, $1,873

Support levels: $1,789, $1,741, $1,680

XAUUSD Long-term Trend: Bullish

On the long-term outlook, Gold is bullish. The yellow metal started favoring the buyers after the formation of double bottom chart pattern. Strong daily bullish engulfing candle formed on July 05 triggers the price increase towards the $1,818 significant resistance level after it broke up the former resistance level of $1,789. The price experience fake breakout on July 14 at $1,818 price level. The Gold market was pulling back before weekly market closed.

Gold daily chart, July 17

Gold market closed with a strong bearish momentum below the $1,818 level and directly testing 9 periods EMA and 21 periods EMA as indicated on the daily chart; this indicate that the bears pulled back Gold price. In case the Bears’ pressure increase and break down $1,818 level, price may decrease to the support levels at $1,789, $1,741 and $1,680. In case the bears could not break down $1,818 level, the price may continue to increase towards the resistance level at $1,845, then, $1,873 resistance level may be tested.

XAUUSD Medium-term Trend: Bearish

Gold is on the bearish movement on the 4-hour chart. The bullish momentum was gradually interrupted by the bears slightly above the $1,818 price level. The bearish momentum has pushed the price below the two dynamic support levels. The price is heading towards the support level of $1,789 before Gold market closed.

Gold 4 hour chart, July 17

Gold is trading below the 9 periods EMA and 21 periods EMA as an indication of a bearish market. The Relative Strength Index period 14 is at 40 levels with the signal line displaying sell signal which may be a pullback.



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