https://ift.tt/3G8hDXt case $1,750 Support Level Holds, Bullish Trend May continue – Cryptovibes.com – Daily Cryptocurrency and FX News

Gold Weekly Price Analysis – January 08

Gold price may retest the support level of $1,750 before bullish trend continue, below the just mentioned level are $1,717 and $1,680 support levels. In case the support level of $1,750 hold, price may increase towards $1,796, $1,830 and $1,873 resistance levels.

XAUUSD Market

Key levels:

Resistance levels: $1,796, $1,830, $1,873

Support levels: $1,750, $1,717, $1,680

XAUUSD Long-term Trend: Bearish

Gold is bearish on the long-term outlook. Two weeks ago, bulls were ruling the Gold market. The price initially tested the support level of $1,750 but the bears were unable to break down the mentioned level. The bulls seize the opportunity and pushed up the price to the resistance level of $1,831. Last week, a bearish engulfing candle emerged as an indication that bears’ momentum is increasing. The price decline below $1,796 level.

Gold is trading below the two EMAs which indicate that the bears’ momentum is increasing before the closing of Gold weekly market. The 9 periods EMA is bending towards the 21 periods EMA. Gold price may retest the support level of $1,750 before bullish trend continue, below the just mentioned level are $1,717 and $1,680 support levels. In case the support level of $1,750 hold, price may increase towards $1,796, $1,830 and $1,873 resistance levels.

XAUUSD Medium-term Trend: Bearish

Gold is on the bearish movement on the 4-hour chart. The Bullish movement could not continue when the price reached the resistance level of $1,831. The level was tested twice as an indication of bearish pattern. Gold price falls below the two dynamic support levels before the closing of weekly market.

The price is trading below the 9 periods EMA and 21 periods EMA at close contact as an indication of bearish market. The Relative Strength Index period 14 is at 40 levels with the signal line pointing up to indicate buy signal.