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Gold (XAUUSD) Price May Retest $1,818 Level Before Bullish Trend Continues – Cryptovibes.com – Daily Cryptocurrency and FX News

Gold (XAUUSD) Price May Retest $1,818 Level Before Bullish Trend Continues – Cryptovibes.com – Daily Cryptocurrency and FX News


Gold Weekly Price Analysis – May 08

When Gold break up the resistance level at $1,874, there will be an increase to the resistance level of $1,873 and $1,901. In case the bulls are unable to break up $1,845 level, the price will decline to the support levels at $1,818, $1,789 and $1,741.

XAUUSD Market

Key levels:

Resistance levels: $1,845, $1,873, $1,901

Support levels: $1,818, $1,789, $1,741

XAUUSD Long-term Trend: Bullish

On the long-term outlook, Gold is bullish. Gold buyers increase their momentum last week market to the extent that the former resistance levels of $1,789, and d$1,818 have turned to support levels. The price continue following the direction of the ‘W’ bullish chart pattern formed at the support level of $1,680. The price further increase and tested the resistance level at $1,845 before weekly market closed.

The trading of the Gold above the 9 periods EMA and 21 periods EMA after it crossed the two EMAs upside continues. The fast moving average remains above the slow moving average indicating an increase in the bulls’ momentum. When Gold break up the resistance level at $1,874, there will be an increase to the resistance level of $1,873 and $1,901. In case the bulls are unable to break up $1,845 level, the price will decline to the support levels at $1,818, $1,789 and $1,741.

XAUUSD Medium-term Trend: Bullish

Gold is bullish on the 4-hour chart. The price was bearish on the 4-hour chart two weeks ago. The bulls’ momentum that seems week during that market period was transformed; this could be due to low strength of the US Dollar. The $1,789 and $1,818 price level was penetrated upside. The price increase to $1,845 level.

Gold is trading above the 9 periods EMA and 21 periods EMA with the former EMAs above the later as an indication of an increased bullish momentum. The Relative Strength Index period 14 is at overbought zone with the signal line pointing down to indicate sell signal.

 



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