Bullish Trend May Be Restored Next Week – Cryptovibes.com – Daily Cryptocurrency and FX News
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Gold Weekly Price Analysis – March 26
Further increase in the bulls’ momentum may push the price to break up $1,975 resistance level in which it may extend to the previous high at $1,996 and $2,017 levels. Below the current price, support levels can be found at $1,950, $1,915 and $1,888.
XAUUSD Market
Key levels:
Resistance levels: $1,975, $1,996, $2,017,
Support levels: $1,950, $1,915, $1,888
XAUUSD Long-term Trend: Bullish
When the Gold reached a high of $2,057 on March 08, there was a sudden reaction from the bears with the formation of strong bearish engulfing candle. The price declined from the key resistance level, it broke down the $1,975 and $1,951 levels. The price tested the support level of $1,915 and started consolidating within the just mentioned level. The price is broken up the resistance level of $1,950 before the market closed.
Gold price may resume back to a bullish trend as it is trading above the 9 periods EMA and 21 periods EMA before the weekly market close. Further increase in the bulls’ momentum may push the price to break up $1,975 resistance level in which it may extend to the previous high at $1,996 and $2,017 levels. Below the current price, support levels can be found at $1,950, $1,915 and $1,888.
XAUUSD Medium-term Trend: bullish
Gold is bullish in the medium-term outlook. The bears push the yellow metal to the low of $1,915 support level and the metal commenced a ranging movement within the $1,975 and $1,915 levels. On March 24, the bulls slowly push up the price to break up $1,975 level. The price is consolidating before the weekly market closed.
The two EMAs are fanning apart from each other and the price is trading above the two EMAs. The Relative Strength Index period 14 is found at 61 levels and the signal line pointing up which indicate a buy signal.
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