Gold Weekly Price Analysis – June 01
Further increases in the price of Gold depend on the Bulls momentum and the price may find the resistance at $1,353 level. In case the momentum of the Bulls becomes weak, the price may range within the $1,292 and $1,353 levels.
Resistance levels: $1,353, $1,389, $1,419
Support levels: $1,292, $1,242, $1,181
XAUUSD Long-term trend: Bullish
Gold is bullish in the long-term outlook. Gold has been on consolidation phase for more than six weeks around $1,292 level and the price action resulted in the formation of the descending triangle. The Bulls gained enough pressure to break out of the triangle and to break up $1,292 resistance level; this is confirmed by the formation of weekly candle that breaks up the mentioned level and closed above the $1,292 level. A retest may be carried out before the metal continues its bullish trend towards the $1,353 resistance level.
The Gold price is no more trading in between the 21 period EMA and 50 periods EMA but rather above the EMAs as a confirmation of the bulls increased pressure. The Relative Strength index period 14 is at 50 levels with the signal line pointing up to indicate a buy signal. Further increases in the price of Gold depend on the Bulls momentum and the price may find the resistance at $1,353 level. In case the momentum of the Bulls becomes weak, the price may range within the $1,292 and $1,353 levels.
XAUUSD Medium-term Trend: Bullish
XAUUSD is bullish on the daily chart. Gold eventually broke out at the upper trend line of the triangle after several days of ranging movement at $1,292 level. This breakout equally brought about the breakup of the resistance level at $1,292 level. The resistance level of $1,353 is now exposed to the price. It seems the Bulls have taken over the Gold market.
The RSI is above 60 levels with the signal line sharply pointing up to indicate a strong buy signal.
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