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Gold (XAUUSD) Price Penetrates $1,750 Support Level, Further Price Declination Is Possible – Cryptovibes.com – Daily Cryptocurrency and FX News

Gold (XAUUSD) Price Penetrates $1,750 Support Level, Further Price Declination Is Possible – Cryptovibes.com – Daily Cryptocurrency and FX News


Gold Weekly Price Analysis – September 25

Should the bears push the price below the support level of $1,717 support level, then, bearish pressure may extend to the previous low of $1,680 and $1,643. In case the support level of $1,717 holds, price may increase towards the resistance levels at $1,750, and it may increase to $1,789 and $1,830.

 

XAUUSD Market

Key levels:

Resistance levels: $1,750, $1,789, $1,830

Support levels: $1,717, $1,680, $1,643

XAUUSD Long-term Trend: Bearish

Gold is bearish on the long-term outlook. The price reached the support level of $1,750 on 16 September. It pulled back to retest the resistance level of $1,789. Sellers gained more pressure and were able to push the price below the support level of $1,750 as it was predicted last week. In another words, sellers are ruling the Gold market.  The Gold market closed at $1,750, there is possibility for the price to reach the $1,717 next week.

Gold daily chart, September 25

The 9 periods EMA is still under the 21 periods EMA and Gold maintain its position crossed the two EMAs downside and it is trading below the EMAs at a distance. There is an indication that the bears’ momentum may continue to increase. Should the bears push the price below the support level of $1,717 support level, then, bearish pressure may extend to the previous low of $1,680 and $1,643. In case the support level of $1,717 holds, price may increase towards the resistance levels at $1,750, and it may increase to $1,789 and $1,830.

XAUUSD Medium-term Trend: Bearish

Gold is on the bearish movement on the 4-hour chart. The price retested the resistance level of $1,789 level after it bounced off the support level of $1,750. The bulls’ pressure is weak and could not break up the resistance level of $1,789. The yellow metal decline and dropped to $1,750 and there was a partial breakout.

Gold 4 hour chart, September 25

The price is trading below the 9 periods EMA and 21 periods EMA as an indication of bearish market. The Relative Strength Index period 14 is at 40 levels with the signal line pointing up to indicate buy signal.



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