Gold Weekly Price Analysis – September 07
Increase in the Bears’ momentum will lead to a decrease in price to $1,478 and the level may be penetrated to reach $1,435. In case the support level of $1,478 holds, Bullish trend may continue.
Resistance levels: $1,539, $1,601, $1,662
Support levels: $1,478, $1,435, $1,389
XAUUSD Long-term Trend: Bullish
Gold is bullish on the long-term outlook. The Bulls were in control of the Gold market at the early stage of the last week market. The price broke up the resistance level of $1,539 and increased towards the resistance level of $1,601. The bears interrupted the upward movement and the price was made to reverse and face the south. That is, the price reduced towards the support level of $1,478. Last week Gold market closed bearish below the $1,539 price level.
The trading of the metal above the 21 periods EMA and 50 periods EMA continues with the price moving closer to the two EMAs as a sign of weakness in the Bulls’ momentum. Increase in the Bears’ momentum will lead to a decrease in price to $1,478 and the level may be penetrated to reach $1,435. In case the support level of $1,478 holds, Bullish trend may continue. The Stochastic Oscillator period 14 is above 80 levels and the signal lines pointing down which indicates a decrease in the price sell signal.
XAUUSD Medium-term Trend: Bullish
On the daily chart, XAUUSD is bullish. The first three days of the Gold market was bullish last week and the price penetrated the resistance level of $1,539 but was unable to go far before the Bears took over the market from the Bulls. Two strong bearish candles were produced and the price moved towards the support level of $1,478.
The Gold is trading below the 21 periods EMA and the 50 periods EMA below the price. The Stochastic Oscillator period 14 is below 75 levels with the signal lines pointing down to indicate a sell signal.
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