https://ift.tt/rmKDHNe (XAUUSD) Price May Extend Gains to $1,888 Provided $1,868 Does Not Hold – Cryptovibes.com – Daily Cryptocurrency and FX News

Gold Weekly Price Analysis – February 12

Further increase in the bulls’ momentum may push the price to penetrate the $1,868 level, then, the resistance levels of $1,888 may be reached. In case the $1,868 level holds, the price may reverse and face the support levels at $1,833, $1,805, and $1,761.

XAUUSD Market

Key levels:

Resistance levels: $1,868, $1,888, $1,915

Support levels: $1,833, $1,805, $1,761

XAUUSD Long-term Trend: Bullish

Gold is bullish in the daily chart outlook; the precious metal was under the control of the bears for many days. The bearish momentum bottomed the price at the $1,761 support level. The bullish engulfing candle emerges and the price increase to break up the $1,805 and $1,833 price level. Gold price is targeting the resistance level of $1,868 before weekly market closed.

The gold price has penetrated the fast-moving EMA (9 periods EMA) and slow-moving averages EMA (21 periods EMA) upside and it is trading above the two. Further increase in the bulls’ momentum may push the price to penetrate the $1,868 level, then, the resistance levels of $1,888 may be reached. In case the $1,868 level holds, the price may reverse and face the support levels at $1,833, $1,805, and $1,761.

 XAUUSD Medium-term Trend: Bullish

The bulls take over the Gold market; in other words, the precious metal is bullish in the 4–hour chart. The bears were pushing the price down towards the support level of $1761 last week. The mark could not be reached before the bulls interrupted the bears. The price turns and breaks up the resistance level of $1805. The price is heading towards the resistance level of $1868.

The price has penetrated the two EMA upside, which means, Gold is trading above the 9 periods EMA and 21 periods EMA as an indication of a bullish trend in the Gold market.  The relative strength index is pointing upside at 70 levels to indicate a buy signal.