Gold Weekly Price Analysis – July 13
The level of $1.389 is the nearest support level while $1.435 is the last week highest high. However, Gold price is trading above the 21 periods EMA and 50 periods EMA in which the distance between the EMAs and the price is wide; which connotes strong 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. Gold had a bullish week three weeks ago. It experienced a price rejection at the resistance level of $1.435. A significant level of support at $1,389 has been held. Last week market was bullish and the price moved towards the $1,435 level. A bullish engulfing candle has been produced at the end of last week. In case the price continues going towards the north and makes a breakout at last week highest high, then the price will head towards the north further and make $1,478 price level as its target.
The level of $1,389 is the nearest support level while $1.435 is the last week highest high. However, Gold price is trading above the 21 periods EMA and 50 periods EMA in which the distance between the EMAs and the price is wide; which connotes strong bullish trend. The stochastic Oscillator period 14 is above 80 levels and the signal lines trying to bend down to indicate sell signal.
XAUUSD Medium-term Trend: Ranging
On the daily chart, XAUUSD is ranging. Gold continues on the sideways movement within the range $1,435 resistance level and the support level at $1,389. Last week, the Gold price touched the resistance level of $1,435 third time in the course of sideways movement.
The Stochastic Oscillator period 14 is at 50 levels and the signal lines twisted around each other with bearish direction.
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