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Gold (XAUUSD) Price; Sellers May Take Over Gold Market

Gold (XAUUSD) Price; Sellers May Take Over Gold Market – Cryptovibes.com – Daily Cryptocurrency and FX News

Gold Weekly Price Analysis – April 24

The breakup of the resistance level at $1,789 will increase the metal to the resistance level of $1,818 and $1,873. In case the bears defend the resistance level of $1,789, price will pullback before bullish trend continues. The support levels below the price are found at $1,741, $1,680 and $1,643.

XAUUSD Market

Key levels:

Resistance levels: $1,789, $1,818, $1,873

Support levels: $1,741, $1,680, $1,643

XAUUSD Long-term Trend: Bullish

On the long-term outlook, Gold is bullish. Gold price followed the direction of the bullish pattern formed at the support level of $1,680. The price increases and test the resistance level at $1,789. The yellow metal tried to break up the resistance level at $1,789 last week but were unable. The price pulls back to retest the dynamic support level before the weekly market closed yesterday.

Gold daily chart, April 24

Gold metal retain its trading above the 9 periods EMA and 21 periods EMA after crossing the two EMAs upside. The fast moving average has crossed the slow moving average upside indicating an increase in the bulls’ momentum. The breakup of the resistance level at $1,789 will increase the metal to the resistance level of $1,818 and $1,873. In case the bears defend the resistance level of $1,789, price will pullback before bullish trend continues. The support levels below the price are found at $1,741, $1,680 and $1,643.

XAUUSD Medium-term Trend: Bearish

Gold is bearish on the 4-hour chart. There was a fake breakout at the resistance level of $1,789 last week on 4-hour chart. The bulls pushed the price to test the resistance level at $1,789 second time and it is pulling back at the moment. It seems the bullish momentum is weaken and the bears are preparing to take over Gold market.

Gold 4-hour chart, April 24

Gold is trading below the 9 periods EMA and 21 periods EMA with the former EMAs trying to cross the later downside as an indication of decreased bullish momentum. The Relative Strength Index period 14 is below 50 levels with the signal lines pointing down to indicate sell signal.

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