Gold (XAUUSD) Prices Up Around 1.5% Last Week, Sellers May Step in Soon – Cryptovibes.com – Daily Cryptocurrency and FX News
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Gold Weekly Price Analysis – April 16
When price break up the resistance level of $1,975, price may increase to the high of $1,996 and $2,020 levels. An increase in the bears’ momentum may push the price to break down $1,950 support level in which it may extend to the low at $1,915 and $1,888 levels.
XAUUSD Market
Key levels:
Resistance levels: $1,975, $1,996, $2,020
Support levels: $1,950, $1,915, $1,888
XAUUSD Long-term Trend: Bullish
Gold is on the bullish movement in daily chart. The yellow metal was on the ranging movement last week within the resistance level of $1,950 and the support level of $1,915. On April 11, the bulls gained more pressure to push up the price. It increased in value and broke up the resistance level of $1,950. The resistance level of $1,975 was tested before weekly market closed. Further increase in price towards the previous high is envisaged next trading week.
Gold price is trading above the 9 periods EMA and 21 periods EMA before the weekly market closed. When price break up the resistance level of $1,975, price may increase to the high of $1,996 and $2,020 levels. An increase in the bears’ momentum may push the price to break down $1,950 support level in which it may extend to the low at $1,915 and $1,888 levels.
Gold is on the bullish movement in the medium-term outlook. The bulls terminated the ranging movement within the $1,950 and $1,915 which commenced on March 16 when bears and bulls lose their momentum. The resistance level of $1,950 level was broken upside and the resistance level of $1,950 was penetrated. Bulls were struggling to break up $1,975 level.
The two EMAs are separate from each other and the price is trading above the two EMAs indicating bullish momentum. The Relative Strength Index period 14 is found at 59 levels and the signal line pointing up which indicate a buy signal.
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