Gold (XAUUSD) Price Ranging Movement Continues Within $1,950 and $1,915 Levels – Cryptovibes.com – Daily Cryptocurrency and FX News
https://ift.tt/tm6a1lV
Gold Weekly Price Analysis – April 09
Ability to break down the support level of $1,915 may reduce the price to the low of $1,888 and $1,868 levels. An increase in the bulls’ momentum may push the price to break up $1,950 resistance level in which it may extend to the previous high at $1,975 and $2,017 levels.
XAUUSD Market
Key levels:
Resistance levels: $1,950, $1,975, $1,996
Support levels: $1,915, $1,888, $1,868
XAUUSD Long-term Trend: Ranging
Gold is on the ranging movement in daily chart. When Gold reached the high of $2,057 on March 08, the bullish movement could not continue due to the opposition of the bears. A bearish engulfing candle pattern formed which is an indication that bears are gaining pressure to push down the price. The price declined from the key resistance level of $2,057, support level of $1,915 was tested and there was a partial breakout at the mentioned level but bears could not sustain the breakout. Since then Gold price has been on a ranging movement within $1,950 and $1,915.
Gold price is trading between the 9 periods EMA and 21 periods EMA before the weekly market close. Ability to break down the support level of $1,915 may reduce the price to the low of $1,888 and $1,868 levels. An increase in the bulls’ momentum may push the price to break up $1,950 resistance level in which it may extend to the previous high at $1,975 and $2,017 levels.
XAUUSD Medium-term Trend: Ranging
Gold is on the ranging movement in the medium-term outlook. The ranging movement within the $1,950 and $1,915 commenced on March 16 when bears and bulls lose their momentum. The scenario leads to low volatility in the Gold market. The ranging movement may continue until there is a breakout at $1,950 or $1,915 level.
The two EMAs are locking to each other and the price is trading around the two EMAs. The Relative Strength Index period 14 is found at 66 levels and the signal line pointing up which indicate a buy signal.
Cryptocurrency
