Gold Weekly Price Analysis – June 23
The strong resistance level of $1,389 has been penetrated upside; the price is now targeting $1,435 level in case there is no interruption from the Bears.
Resistance levels: $1,435, $1,478, $1,539
Support levels: $1,389, $1,353, $1,292
XAUUSD Long-term trend: Bullish
On the long-term outlook, Gold is on the bullish trend. Gold is under the strong bullish momentum for more than two weeks. The price has been soaring higher to the new level every week. Last week was not an exemption, the Bulls gained more pressure and the gold price broke up the former resistance levels of $1,353 and $1,389. Continuation of Gold price increase is possible as the last week market closed with a strong bullish candle above $1,389 mark.
Increase in the distance between the EMAs and the Gold price continues and Gold maintains its trade above the 21 periods EMA and 50 periods EMA; which indicates that the Bulls momentum is increasing. Meanwhile, the Stochastic Oscillator period 14 is at 75 levels with its signal lines points up to indicate a buy signal. The strong resistance level of $1,389 has been penetrated upside; the price is now targeting $1,435 level in case there is no interruption from the Bears.
XAUUSD Medium-term Trend: Bullish
XAUUSD is bullish on the daily chart. After the pullback observed on June 10, Gold continues to obey the Bulls’ command. Each daily candle is strong and the price continues to increase towards $1,435 after the breakup of the $1,353 and $1,389 levels.
The Stochastic Oscillator period 14 is above 75 levels and the signal lines point up which implies a further increase in the price of the Gold.
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