Gold Weekly Price Analysis – June 29
The resistance level of $1,345 was reached last week and the price pulled back to retest the broken level of $1,389 level. After the pullback, the price may continue its bullish trend.
Resistance levels: $1,435, $1,478, $1,539
Support levels: $1,389, $1,353, $1,292
XAUUSD Long-term trend: Bullish
Gold is bullish on the long-term outlook. The Bulls maintain their bullish momentum in the Gold market. The price soared higher to the new level last week. The high of $1,435 resistance level was reached and the Bulls were unable to break up the level. The price pulled back with the aid of the Bears’ pressure. The last week closed with the upper long tail bullish candle.
The distance between the EMAs and the Gold price remains wide and the Gold continues trading above the 21 periods EMA and 50 periods EMA; which indicates that the Bulls are still in control of the Gold market. The Stochastic Oscillator period 14 is at 80 levels with its signal lines trying to bend down to indicate a sell signal. The resistance level of $1,345 was reached last week and the price pulled back to retest the broken level of $1,389 level. After the pullback, the price may continue its bullish trend.
XAUUSD Medium-term Trend: Bullish
XAUUSD is bullish on the daily chart. The bullish momentum pushed the Gold price to reach the resistance level of $1,435. The bearish reversal candle pattern called Evening star was produced at the just mentioned level on the daily chart. The Gold price has started going down gradually with the formation of bearish and doji candles.
The Stochastic Oscillator period 14 is at 75 levels and the signal lines point down which implies a reduction in the price of the Gold.
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