https://ift.tt/3qqQUyp (XAUUSD) Price Bounces Off $1,750 Support Level, Bullish Trend May continue – Cryptovibes.com – Daily Cryptocurrency and FX News

Gold Weekly Price Analysis – December 25

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

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 buyers are taken over the Gold market from the sellers after dominating Gold market for more than two weeks. The bearish momentum became weak when the support level of $1,750 was reached. The price consolidated within the $1,796 level and $1,750 support level. When 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 the closing of weekly market.

The price is trading above the 9-periods EMA and 21-periods EMA as a sign of bullish movement in the Gold market. When the bulls’ pressure increases, the price may penetrate $1,831 and increase towards the resistance levels at $1,873, and $1,908. In case the bullish trend is interrupted, the previous low at $1,750 may be retested provided support level at $1,750 does not hold and the bearish momentum may be extended to $1,725.

 XAUUSD Medium-term Trend: Bullish

Gold is bullish in the 4-hour chart. After the bullish breakout from the ranging movement within $1,796 resistance level and $1,750 support level, the price increased towards the resistance level of $1,831. It pulled back to retest the dynamic support levels last week. 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 50 levels with the signal line pointing downside to indicate sell signal which may be a pullback.