Gold (XAUUSD) Price; Support Level of $1,750 Holds, Bullish Trend May Commence – Cryptovibes.com – Daily Cryptocurrency and FX News https://ift.tt/3e5dp6r

Gold Weekly Price Analysis – December 18

In case the resistance level of $1,796 does not hold, the price may penetrate it and increase towards the resistance levels at $1,831, and $1,873. The previous low at $1,725 may be retested provided support level at $1,750 does not hold and the bearish momentum may be extended to $1,680.

XAUUSD Market

Key levels:

Resistance levels: $1,796, $1,831, $1,873

Support levels: $1,750, $1,725, $1,680

XAUUSD Long-term Trend: Bullish

Gold is bullish on the long-term outlook. The sellers dominated Gold market for more than two weeks. The bearish momentum was able to push the price to the low of $1,750. The former support levels of $1,831 and $1,796 has been turned to resistance levels. The price consolidates within the $1,796 resistance level and $1,750 support level. On December 16, the bulls gained more momentum and push up the price to break up the resistance level of $1,796. The price move towards the resistance level of $1,831 before it pulled back.

The price is trading above the 9-periods EMA and 21-periods EMA as a sign of bullish movement in the Gold market. In case the resistance level of $1,796 does not hold, the price may penetrate it and increase towards the resistance levels at $1,831, and $1,873. The previous low at $1,725 may be retested provided support level at $1,750 does not hold and the bearish momentum may be extended to $1,680.

 XAUUSD Medium-term Trend: Bullish

Gold is bullish in the 4-hour chart. Gold price was on the ranging movement within $1,796 resistance level and $1,750 support level last week. The bulls eventually prevailed over the bears on December 16. The price is exposed to $1,831 resistance level. However, it experience a pullback before the weekly market closed.

The price is trading above the two EMAs which indicates that the bulls’ momentum is increasing. However, The Relative Strength Index period 14 is at 60 levels with the signal line pointing downside to indicate sell signal which may be a pullback.