Gold (XAUUSD) Price Is Ranging Within Asymmetrical Triangle – Cryptovibes.com – Daily Cryptocurrency and FX News
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Gold Weekly Price Analysis – February 05
An increase in the bulls’ pressure may lead to the breakout at the upper trend line of the triangle and this will increase the price to the $1,831 and $1,873 resistance levels. In case Gold price break down the lower trend line of the triangle, price may decrease to $1,725 and $1,680 levels.
XAUUSD Market
Key levels:
Resistance levels: $1,831, $1,873, $1,908
Support levels: $1,796, $1,750, $1,725
XAUUSD Long-term Trend: Bearish
Gold is bearish on the long-term outlook. Gold price is yet to breakout of the asymmetrical triangle. The lower trend line and the upper trend line holds the price. The price tested the upper trend line last week and pulled back to retest the lower trend line. The bears’ momentum became weak and the price could not break down the level. This is what leads to price consolidation at $1,796 level.
The price is trading below the 9 periods EMA and 21 periods EMA which indicate that the bears’ are still holding the market but the bulls are trying to push up the price. An increase in the bulls’ pressure may lead to the breakout at the upper trend line of the triangle and this will increase the price to the $1,831 and $1,873 resistance levels. In case Gold price break down the lower trend line of the triangle, price may decrease to $1,725 and $1,680 levels.
XAUUSD Medium-term Trend: Bearish
Gold is on the bearish movement on the 4-hour chart. The white metal remains within the symmetrical triangle. After the Bullish pressure increase, bulls pushed up the price to test the resistance level of $1,831. The bullish momentum became weak and could not break up the mentioned resistance level. The price declined and tests the support level of $1,796 which is at the lower trend line of the triangle. The price started consolidating around the $1,796 support level.
The price is trading around the 9 periods EMA and 21 periods EMA as an indication of consolidating market. The Relative Strength Index period 14 is at 50 levels with the signal line pointing up to indicate buy.
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