Gold Weekly Price Analysis – July 24
When the Bears’ pressure increase and break down $1,789 level, price may decrease to the support levels at $1,741, and $1,680. In case the bears could not break down $1,789 level, the price may continue bullish trend towards the resistance level at $1,818, $1,845, then, $1,873 resistance level may be tested.
XAUUSD Market
Key levels:
Resistance levels: $1,818, $1,845, $1,873
Support levels: $1,789, $1,741, $1,680
XAUUSD Long-term Trend: Bullish
Gold is bullish on the long-term outlook. Further price decrease was rejected at the support level of $1,741 on June 30. The buyers gained more pressure with the formation of daily strong bullish candles. The price increases towards the $1,818 significant resistance level after it broke up the former resistance level of $1,789. The price experience fake breakout on July 14 at $1,818 price level. The Gold market was pulling back retesting the support level at $1,789 before weekly market closed.
Gold is trading below the 9 periods EMA and 21 periods EMA as indicated on the daily chart; this indicate that the bears pulled back Gold price. When the Bears’ pressure increase and break down $1,789 level, price may decrease to the support levels at $1,741, and $1,680. In case the bears could not break down $1,789 level, the price may continue bullish trend towards the resistance level at $1,818, $1,845, then, $1,873 resistance level may be tested.
XAUUSD Medium-term Trend: Bearish
Gold is on the bearish movement on the 4-hour chart. The bearish momentum has pushed the price below the two dynamic support levels, testing the support level of $1,789 after the bullish momentum was interrupted, by the bears at the $1,818 price level.
Gold is trading below the 9 periods EMA and 21 periods EMA as an indication of a bearish market. The Relative Strength Index period 14 is at 40 levels with the signal line displaying sell signal which may be a pullback.
