https://ift.tt/3eEPjj9 (XAUUSD) Price May Break Up $1,831 Level In Case Bullish Momentum Increases – Cryptovibes.com – Daily Cryptocurrency and FX News

Gold Weekly Price Analysis – January 01

In case the bullish trend is interrupted at the resistance level of $1,831, the previous low at $1,750 may be retested provided support level at $1,796 does not hold and the bearish momentum may be extended to $1,725. When the bulls’ pressure increases, the price may penetrate $1,831 and increase towards the resistance levels at $1,873, and $1,908

XAUUSD Market

Key levels:

Resistance levels: $1,831, $1,873, $1,908

Support levels: $1,796, $1,750, $1,725

XAUUSD Long-term Trend: Bullish

Gold is bullish on the long-term outlook. The support level of $1,750 was reached and the bearish momentum became weak. The buyers gained momentum and pushes the price towards north. The resistance level of $1,796 was broken up side. The price pulled back to retest $1,796 level. On December 29, a bullish engulfing candle formed and price tests the $1,831 level.

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 bullish trend is interrupted at the resistance level of $1,831, the previous low at $1,750 may be retested provided support level at $1,796 does not hold and the bearish momentum may be extended to $1,725. When the bulls’ pressure increases, the price may penetrate $1,831 and increase towards the resistance levels at $1,873, and $1,908.

 XAUUSD Medium-term Trend: Bullish

Gold is bullish in the 4-hour chart. An inverted head and shoulder chart pattern formed on the 4-hour chart triggers a bullish movement. On December 15, a bullish engulfing candle formed at $1,750 support level. The price increased towards the resistance level of $1,831. It pulled back to retest the $1,796 support levels. The bulls resumed in to the market and the price increases accordingly before 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 70 levels with the signal line pointing upside to indicate buy signal.