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Gold (XAUUSD) Price Tests Resistance Level of $1,789, Pullback Is Inevitable – Cryptovibes.com – Daily Cryptocurrency and FX News

Gold (XAUUSD) Price Tests Resistance Level of $1,789, Pullback Is Inevitable – Cryptovibes.com – Daily Cryptocurrency and FX News


Gold Weekly Price Analysis – April 19

The bulls are trying to break up the resistance level at $1,789, in case it breaks, the price will increase to resistance level of $1,818 in which $1,873 level may be tested. In case the bears defend the resistance level of $1,789, price will pullback before bullish trend continues.

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. The double bottom chart pattern formed on the daily chart is an indication that Gold has commences bullish trend. Throughout last week, bulls are in control of the Gold market. On April 15, the price broke up the former resistance level at $1,741, more bullish candles were produced and the price increases to $1,789. The price is trying to break up the resistance level at $1,789 at the moment.

Gold metal has penetrated the two EMAs upside and It is trading above the 9 periods EMA and 21 periods EMA. The fast moving average has crossed the slow moving average upside indicating an increase in the bulls’ momentum. The bulls are trying to break up the resistance level at $1,789, in case it breaks, the price will increase to resistance level of $1,818 in which $1,873 level may be tested. 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: Bullish

Gold is bullish on the 4-hour chart. The bulls have pushed the price to test the resistance level at $1,789 and it is currently pulling back. The price increase was initiated by the bullish chart pattern formed on4-hour time frame last week.

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Gold is trading above the 9 periods EMA and 21 periods EMA with the two EMAs separated as an indication of increased bullish momentum. The Relative Strength Index period 14 is at 70 levels with the signal lines pointing down to indicate sell signal.



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