Gold Weekly Price Analysis – April 03
The bulls may continue dominating Gold market provided the resistance level of $1,741 is penetrated upside, it will be targeting the resistance level of $1,789 and $1,818. In case the resistance level of $1,741 is defended by the bears, consolidation may continue.
XAUUSD Market
Key levels:
Resistance levels: $1,741, $1,789, $1,818
Support levels: $1,680, $1,643, $1,591
XAUUSD Long-term Trend: Bullish
Gold is on the bullish movement on the long-term outlook. The brown metal was ranging last two week at $1,741 price level. Gold price was pushed down by the bears at the opening of the last week market and the price formed a double bottom chart pattern at the support level of $1,680. The price bounced with the formation of bullish candles and the price increase to break up the dynamic resistance levels. The weekly market closed at the $1,741 zone.
Gold metal has broken up the two EMAs upside and It is trading above the 9 periods EMA and 21 periods EMA. The two EMA are separating from each other as a sign of increase in bulls’ momentum. The bulls may continue dominating Gold market provided the resistance level of $1,741 is penetrated upside, it will be targeting the resistance level of $1,789 and $1,818. In case the resistance level of $1,741 is defended by the bears, consolidation may continue. However, the Relative Strength Index period 14 is at 50 levels with the signal line pointing up to indicate buy signal.
XAUUSD Medium-term Trend: Bullish
Gold is bullish on the 4-hour chart. The price action has formed a double bottom chart pattern; this is a bullish chart pattern indicating that price may increase higher next week in case the resistance level of $1,741 does not hold. In case the just mention level hold, the price may reverse to face the barriers at $1,680, $1,643 and $1,591 levels.
Gold is trading above the 21 periods EMA and 9 periods EMA with the two EMAs separated as an indication of bullish market. The Relative Strength Index period 14 is at 70 levels with the signal lines pointing up to indicate buy signal.
