https://ift.tt/33AwFGU (XAUUSD) Price May Increase to Previous High at $1,908 Level – Cryptovibes.com – Daily Cryptocurrency and FX News

Annual Forecast for XAUUSD (2022)

Gold price may break out at the upper trend line of the triangle which may increase the price 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 support levels of $1,680 and $1,643.

XAUUSD Market

Key levels:

Resistance levels: $1,830, $1,873, $1,908

Support levels: $1,750, $1,680, $1,643

XAUUSD Long-term Trend: Bullish

Gold is bullish on the long-term outlook. Last year, the price of Gold did not go beyond the resistance level of $1,959 and the level was attained in January. Also it did not decrease below the support level of $1,680 in which it was tested two times within the year; the first time was in March and the second time in August.  The price action has formed an asymmetrical triangle on the weekly chart.

Gold is trading slightly above the two EMAs which indicate that the bulls’ momentum is increasing before the closing of Gold weekly market. The 9 periods EMA is above the 21 periods EMA. Gold price may break out at the upper trend line of the triangle which may increase the price 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 support levels of $1,680 and $1,643.

XAUUSD Medium-term Trend: Bullish

Gold is on the bullish movement on the 4-hour chart. The Bullish movement will continue as the price remains above the lower trend line of the triangle. When the price reached the resistance level of $1,873. The level may not hold the price and the price may increase to the previous high of the last year at resistance level of $1,959.

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.