Gold Weekly Price Analysis – August 03
Continuation of bullish trend is highly envisaged, as the last week market closed bullish above the $1,435 level, though pullback is inevitable. The resistance level of $1,478 is the next target level for the Gold price.
Resistance levels: $1,478, $1,539, $1,601
Support levels: $1,435, $1,389, $1,353
XAUUSD Long-term Trend: Bullish
Gold is bullish on the long-term outlook. The gold market has been under the control of the Bulls for more than eight weeks. Last week was not an exception as the Bulls pushed the Gold price out of the ranging zone where it was a few weeks ago. The weekly strong bullish candle emerged that engulfed the upper week candle. Last week candle was bullish and it penetrated the resistance level of $1,440 and closed above the level, exposed the resistance level of $1,478.
The trading of the metal above the 21 periods EMA and 50 periods EMA is currently at a distance-range to each other, which connotes strong bullish trend. Continuation of bullish trend is highly envisaged, as the last week market closed bullish above the $1,435 level, though pullback is inevitable. The resistance level of $1,478 is the next target level for the Gold price. Meanwhile, the Stochastic Oscillator period 14 is above 80 levels with the signal lines pointing up which indicates buy signal.
XAUUSD Medium-term Trend: Bullish
On the daily chart, XAUUSD is bullish. The Gold price was consolidating around $1,435 former supply level last week in the daily chart. On August 01, the Bulls’ momentum pushed up the price and broke up the $1,435 level. On August 02, there was a slight pullback to retest the broken level.
The price is trading above the two EMAs and the Stochastic Oscillator period 14 is at 60 levels with the signal lines pointing up to indicate a buy signal.
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