Gold Weekly Price Analysis – June 08
The Gold price may experience a pullback at the resistance of $1,353. In case the Bulls were able to break up the just mentioned level, it will focus on the $1,389 level. In case the resistance level of $1,353 holds, the price may reverse.
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 broke out of the descending triangle last two weeks with a strong bullish candle that broke up the former resistance level of $1,353 and the candle closes above it. Last week, the Bulls maintained their momentum and the price further increased towards the resistance level of $1,353 with the formation of the massive bullish candle. The metal is approaching a potential price reversal zone.
The two EMAs are below the price at a far distance; this indicates strong bullish momentum in the Gold market. Gold price is trading above the 21 periods EMA and 50 periods EMA. The Moving Average Convergence Divergence period 12 with its histogram is coming up above zero levels and the signal lines turning upside to indicate further increase in the Gold price. The Gold price may experience a pullback at the resistance of $1,353. In case the Bulls were able to break up the just mentioned level, it will focus on the $1,389 level. In case the resistance level of $1,353 holds, the price may reverse.
XAUUSD Medium-term Trend: Bullish
XAUUSD is bullish on the daily chart. The metal is under strong bullish pressure. The bullish momentum that broke up the $1,292 level is increasing daily with the formation of more bullish candles. The price is moving towards a strong resistance that may likely reverse the price.
The 21 periods EMA has crossed the 50 periods EMA upside and the price is trading above the two EMAs. The histogram of Moving Average Convergence Divergence period 12 is above zero levels and the signal lines pointing up to indicate buy.
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