Gold (XAUUSD) Price Turns Bearish at $1,961 Resistance Level – Cryptovibes.com – Daily Cryptocurrency and FX News
https://ift.tt/rvVs7id
Gold Weekly Price Analysis – February 26
In case the bulls are able to break down $1,888 level, the price will decline to the support levels at $1,868 and $1,834 levels. Should bulls push up Gold to break up the resistance level at $1,915, there will be a continuation of bullish trend which will increase price to the resistance level of $1,932 and $1,961.
XAUUSD Market
Key levels:
Resistance levels: $1,915, $1,932, $1,961
Support levels: $1,888, $1,868, $1,834
XAUUSD Long-term Trend: Bullish
Gold is bullish on the long-term outlook. The White metal remains under the control of the bulls for more than two weeks. It all started on December 15 at $1,761 support level. The price increased and the resistance levels of $1,834 and $1,868 was penetrated upside. The bulls exerted more pressure and it soared towards north to test the high of June at $1,932 level. Bears quickly reacted against this increase and a long tailed pin bar daily candle formed. It seems that bears are gathering momentum to dominate market.
Gold is trading above the 9 periods EMA and 21 periods EMA at close contact with bearish candle. The fast moving average separate from the slow moving average indicating an increase in the bulls’ momentum. In case the bulls are able to break down $1,888 level, the price will decline to the support levels at $1,868 and $1,834 levels. Should bulls push up Gold to break up the resistance level at $1,915, there will be a continuation of bullish trend which will increase price to the resistance level of $1,932 and $1,961.
XAUUSD Medium-term Trend: Bearish
Gold is bearish on the 4-hour chart. The resistance level of $1,961 has been tested by the bullish momentum which pushes the price up. It bounces off the just mentioned level and pulled back to retest the dynamic support level. The bears exerted more pressure and the support level of $1,909 was penetrated and the price reach $1,888 level.
Gold is trading below the 9 periods EMA and 21 periods EMA with the former EMAs trying to cross the later downside as an indication of an increased bearish momentum. The Relative Strength Index period 14 is at 42 levels with the signal line pointing down to indicate sell signal.
Cryptocurrency
