Bullish Movement May Continue After a Pullback – Cryptovibes.com – Daily Cryptocurrency and FX News
https://ift.tt/3rCS4Yw
Gold Weekly Price Analysis – January 22
In case Gold price break up the upper trend line of the triangle, price may increase to $1,873 and $1,908 levels. On the other hand, the break out at the lower trend line of the triangle will decrease the price to the $1,750 and $1,680 support levels.
XAUUSD Market
Key levels:
Resistance levels: $1,831, $1,873, $1,908
Support levels: $1,796, $1,750, $1,680
XAUUSD Long-term Trend: Bullish
Gold is bullish on the long-term outlook. Last week, the price was under the control of bulls. The price action has formed an asymmetrical triangle on the daily chart. The price is trading within the triangle. The lower trend line was tested on January 10 and the price bounced from the level and broke up the resistance level of $1,831 to test the upper trend line before the last week market closed.
The 9 periods EMA remains above the 21 periods EMA. Gold is trading above the two EMAs which indicate that the bulls’ momentum is increasing before the closing of Gold weekly market. In case Gold price break up the upper trend line of the triangle, price may increase to $1,873 and $1,908 levels. On the other hand, the break out at the lower trend line of the triangle will decrease the price to the $1,750 and $1,680 support levels.
XAUUSD Medium-term Trend: Bullish
Gold is on the bullish movement on the 4-hour chart. The Bullish movement continue last week as speculated. The price remains above the lower trend line of the triangle. The price reached the resistance level of $1,831 and had partial break up. The level did not hold the price and the price increased to the upper trend line of the triangle.
The price is trading above the 9 periods EMA and 21 periods EMA at close contact as an indication of bullish market. The Relative Strength Index period 14 is above 50 levels with the signal line pointing down to indicate sell signal which may be a pullback.
Cryptocurrency
