Gold (XAUUSD) Price; A Possible Bearish Reversal at Resistance Level of $1,778

Gold Weekly Price Analysis – July 04

An increase in the bulls’ momentum to break up the resistance level of $1,778 will lead to an increase in price to $1,811 and $1,850 resistance levels. In case the just mentioned resistance level is defended by the bears, it may fall to retest the support level of $1,736 in which further declination may reach $1,680 and $1,643.

XAUUSD Market

Key levels:

Resistance levels: $1,778, $1,811, $1,850
Support levels: $1,736, $1,680, $1,643

XAUUSD Long-term Trend: Bullish

Gold is bullish on the long-term outlook. Gold continues on its bullish movement on the daily chart. The bulls’ momentum is a bit low, so there is no aggressive movement last week as expected by most traders. Nevertheless, the resistance level of $1,778 was retested and the price started consolidating at the level.

Gold maintains its trading above the 19 periods EMA and 21 periods EMAs with the two EMAs well separated from each other which indicate an increase in the bulls’ pressure though not much. An increase in the bulls’ momentum to break up the resistance level of $1,778 will lead to an increase in price to $1,811 and $1,850 resistance levels. In case the just mentioned resistance level is defended by the bears, it may fall to retest the support level of $1,736 in which further declination may reach $1,680 and $1,643. The RSI period 14 is at 50 levels with the signal line parallel to the level as a sign of ranging market.

XAUUSD Medium-term Trend: Ranging

Gold is ranging on the 4-hour chart. The bulls were in control of the Gold market for many days. The price has been gradually increasing after it observes a pullback. The price has reached a high of $1,778 and had a fake breakout. It is currently consolidating at the resistance level of $1,778 before the market close.

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