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Gold (XAUUSD) Price Reaches $1,680 Level, a Potential Bullish Reversal Zone – Cryptovibes.com – Daily Cryptocurrency and FX News

Gold (XAUUSD) Price Reaches $1,680 Level, a Potential Bullish Reversal Zone – Cryptovibes.com – Daily Cryptocurrency and FX News


Gold Weekly Price Analysis – March 06

The support level of $1,680 may hold as the market closed with Doji candle pattern, this may increase the price towards the resistance levels of $1,741 and $1,789, and $1,818. In case the bears prevail, the support levels of $1,643, $1,591 may be the targeted levels if the $1,680 level give way.

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

Gold is bearish on the long-term outlook. The bears indeed defended the resistance level of $1,789, sellers gained more momentum and the price was pushed down and breaks down the former support level of $1,741. The price pulled back after the breakout. The bears rejected the retracement. Strong massive bearish candles emerged and the bearish momentum decreases the price to reach the support level of $1,680. The market closed at the just mentioned support level.

Gold daily chart, March 06

The sellers’ momentum is increasing and it has push the price to penetrate the two EMAs downside, trading below the 9 periods EMA and 21 periods EMA. The two EMAs are well separated which indicates that the bearish momentum is strong in the Gold market. The support level of $1,680 may hold as the market closed with Doji candle pattern, this may increase the price towards the resistance levels of $1,741 and $1,789, and $1,818. In case the bears prevail, the support levels of $1,643, $1,591 may be the targeted levels if the $1,680 level give way.

XAUUSD Medium-term Trend: Bearish

Gold is bearish in the 4-hour chart. The bearish momentum increases steadily after the bearish breakout that took place on 21 February by penetrating the former support level of $1,741 with a strong bearish candle. The price dropped towards the south reaching out to the support level at $1,680 price level.

Gold 4-hour chart, March 06

Gold is trading below the 21 periods EMA and 9 periods EMA which connotes bearish trend.  The Relative Strength Index period 14 is above 25 levels with the signal lines pointing upside to indicate a buy signal.



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