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Gold (XAUUSD) Price Reverses at $1,789 Price Level, Further Price Increase Envisaged – Cryptovibes.com – Daily Cryptocurrency and FX News

Gold (XAUUSD) Price Reverses at $1,789 Price Level, Further Price Increase Envisaged – Cryptovibes.com – Daily Cryptocurrency and FX News


Gold Weekly Price Analysis – July 10

Further increase in the Bulls’ pressure will break up $1,818 level, price may increase to the resistance levels at $1,845 and $1,873. In case the bulls could not break up $1,818 level, the price may decrease towards the support level at $1,789, then, $1,741 support level may be tested and there may be a price declination to the support level of $1,680.

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

Gold is bullish on the long-term outlook. Gold is dancing to the tune of the double bottom price action formed last two weeks. The yellow metal has started favoring the buyers. Strong daily bullish candle was produced on July 05 and the price increases towards the $1,818 significant resistance level after it broke up the former resistance level of $1,789.

Gold daily chart, July 10

Gold market closed with a strong bullish momentum above the dynamic resistance level of 9 periods EMA as indicated on the daily chart; this indicate that the bullish movement may continue next week. Further increase in the Bulls’ pressure will break up $1,818 level, price may increase to the resistance levels at $1,845 and $1,873. In case the bulls could not break up $1,818 level, the price may decrease towards the support level at $1,789, then, $1,741 support level may be tested and there may be a price declination to the support level of $1,680.

XAUUSD Medium-term Trend: Bullish

Gold is on the bullish movement on the 4-hour chart. The bulls gradually pushed away Gold from the consolidation levels within the $1,787 and $1,741 last week. It has penetrated the $1,789 level targeting the resistance level at $1,818. The bulls may continue to dominate the Gold market next week provided the US Dollar weaken.

Gold 4 hour chart, July 10

Gold is trading above the 9 periods EMA and 21 periods EMA as an indication of a bullish market. The Relative Strength Index period 14 is at 60 levels with the signal line displaying sell signal which may be a pullback.



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