Gold Weekly Price Analysis – July 06
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
On the long-term outlook, Gold is bullish. The Bulls’ momentum is getting weak and the Bears were opposing the increase in Gold price. Two weeks ago, the price of Gold reached $1,435 level but it was resisted by the barriers at the mark. The Bears pushed down the price. The strong bullish candle turned to the upper long tail bullish candle.
Last week, the Bulls initially dominated the Gold market and the price increased to the previous high at $1,435. The Bears again interrupted the Bulls and the Gold market closed with a bearish candle within $1,389 and $1,435.
Gold is trading above the 21 periods EMA and 50 periods EMA at a farther distance between the EMAs and the Gold price which indicates strong bullish momentum in the Gold market. In case the Bears gain more pressure to break down the $1,389 support level and the bearish candle closes below the level, the Gold price may fall to $1,353 level. When the Bulls defend the $1,389 level, the bullish trend may continue.
XAUUSD Medium-term Trend: Ranging
XAUUSD is ranging on the daily chart. The metal is ranged – bound within the resistance level at $1,435 and the support level at $1,399. The Gold price has touched the resistance level of $1,435 twice by bullish momentum. The price has formed a candle pattern called “Double Top”. This candle chart pattern may lead to the fall of Gold price.
The Stochastic Oscillator period 14 is at 75 levels and the signal lines point down which connotes a sell signal.
Please note: cryptovibes.com is not a financial advisor. Do your own research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.