Gold Weekly Price Analysis – June 15
Should the Bulls double their momentum, the probability of penetrating the strong resistance level at $1,353 is very high and the Gold may target $1,389.
Resistance levels: $1,353, $1,389, $1,419
Support levels: $1,292, $1,242, $1,181
XAUUSD Long-term trend: Bullish
Gold continues its bullish movement in the long-term outlook. The Bulls has not to relent their pressure after it broke out at $1,292 level. The Bulls have pushed up the Gold price towards the $1,353 level. Last week, the Bulls and the Bears were at war over the price of Gold. The price touched the $1,353 level and the Bears resisted the break out; that is what caused the last week Gold market to close as a Doji candle.
Gold price is trading above the 21 periods EMA and 50 periods EMA with an increase in the distance between the EMAs and the price; it connotes that the Bulls momentum is increasing. The Moving Average Convergence Divergence period 12 with its histogram is above zero levels and the signal lines have crossed the MACD line and the two points up to indicate a buy signal. The Gold price has experienced a pullback at the resistance of $1,353 as predicted last week. Should the Bulls double their momentum, there is a high probability that the Gold price may penetrate the strong resistance level at $1,353.
XAUUSD Medium-term Trend: Bullish
XAUUSD is bullish on the daily chart. On June 10, the metal had two days price pullback before it continues its bullish trend towards $1,353.
On the daily chart, yesterday market was closed with an inverted pin bar, which is an indication that Gold price may reverse at the level provided the $1,353 level holds.
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