in

Gold (XAUUSD) Price Penetrates Support Level of $1,741, Further Declination to $1,680 Is Possible

Gold (XAUUSD) Price Penetrates Support Level of $1,741, Further Declination to $1,680 Is Possible


Gold Weekly Price Analysis – February 27

Should the Bulls defend the $1,680 price level, then the Gold price will rise again towards $1,741, $1,789 and $1,818 resistance levels. Further increase in the Bears’ pressure will make the gold to find its low at $1,680, $1,643 and $1,591 price levels.

XAUUSD Market

Key levels:

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

Support levels: $1,680, $1,643, $1,591

 

XAUUSD Long-term trend: Bearish

XAUUSD is bearish on the daily chart. Exactly the way it was predicted last week; the resistance level at $1,818 did hold and the bull could not push the Gold price to reach the level of $1,873. The XAUUSD price turned back to the former support level of $1,789. The just mentioned level was penetrated and the price decreases to support level of $1741. Another strong daily bearish candle emerges and turned the former support level of $1,741 to resistance level.

Gold daily chart, February 27

The bears are strongly increased their pressure to break down the support level of $1,741 in order to expose the $1,680 support level.  Should the Bulls defend the $1,680 price level, then the Gold price will rise again towards $1,741, $1,789 and $1,818 resistance levels. However, the Relative strength Index period 14 with its signal line turning down at 20 levels to indicate sell signal.

XAUUSD Medium-term Trend: Bearish

XAUUSD is bearish on the 4-hour chart. The bearish momentum that penetrated the dynamic support level of 9 periods EMA and 21 periods EMA downside do continues. The gold price remains at the $1,818 level consolidating last week. The Bears’ pressure increased and the price decline with the formation of more bearish candles. The support levels of $1,789 and $1,680 turned to resistance levels. Further increase in the Bears’ pressure will make the gold to find its low at $1,680, $1,643 and $1,591 price levels.

  • Facebook
  • Twitter
  • LinkedIn
  • Pinterest
  • reddit
  • Tumblr
Gold 4-hour chart, February 27

The relative strength index period 14 with its signal line point down to indicate sell signal.

 

 

 



Source link

Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

Loading…

0

What do you think?

Capitol Police Investigating Tours Given By GQP Lawmakers Prior To Insurrection

Capitol Police Investigating Tours Given By GQP Lawmakers Prior To Insurrection

Why the brave browser is really awesome, and why it still needs work