Gold (XAUUSD) Rebounds above $1,780 Support, Resumes Uptrending

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Key Support Levels: $1,750, $1, 700,$1,650

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Key Resistance Levels: $1,900, $1,950, $2000

Gold (XAUUSD) Long-term Trend: Bullish
Gold price has resumed upward move after breaking the resistance at $1,780. The market pullback to retest the $1,780 support and then resumed upward. This signals the resumption of an upward move. Meanwhile, on April 22 uptrend, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that Gold is expected to rise to level 1.618 Fibonacci extension or the high of $1,840.25.


XAUUSD – Daily Chart

Daily Chart Indicators Reading:
Gold price has risen to level 64 of the Relative Strength Index period 14. It indicates that Gold is in the uptrend zone and approaching the overbought region. The 21-day SMA and 50-day SMA are sloping upward indicating the uptrend.

Gold (XAUUSD) Medium-term bias: Bullish
On the 4 hour chart, the XAUUSD price is in an upward move. The market has resumed an upward move after breaking the initial resistance. On May 3 uptrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that Gold is expected to rise to level 2.618 Fibonacci extensions or the high of $1,850.16.


XAUUSD – 4 Hour Chart

4-hour Chart Indicators Reading
XAUUSD is above the 80% range of the daily stochastic. Gold is trading now in the overbought region. The 21-day SMA and the 50-day SMA are sloping upward indicating an uptrend.

General Outlook for Gold (XAUUSD)
XAUUSD price has resumed uptrend after breaking the resistance at $1,780. Gold price is retracing after reaching the high of $1,818. The upward move is doubtful because the market has reached the overbought region.

 

Source: https://learn2.trade

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