Gold Weekly Price Analysis – February 16
An increase in the Bulls’ pressure may penetrate the resistance level of $1,591 and the price may target the resistance level of $1,643. Should the resistance level of $1,591 holds, the price may start to consolidate at the resistance level of 41,591
XAUUSD Market
Key levels:
Resistance levels: $1,591, $1,643, $1,690
Support levels: $1,550, $1,510, $1,478
XAUUSD Long-term Trend: Bullish
On the long-term outlook, Gold is bullish. The bearish momentum experienced in the Gold market on February 04 could not continue due to the barrier at the support level of $1,550. The price sluggishly reversed and return to the previous high of $1,591. The last week’s market closed with a daily strong bullish candle closer to the resistance level of $1,591.
The trading of gold is still above the two EMAs with the 21 periods EMA above the 50 periods EMA as a sign of bullish momentum. An increase in the Bulls’ pressure may penetrate the resistance level of $1,591 and the price may target the resistance level of $1,643. Should the resistance level of $1,591 holds, the price may start to consolidate at the resistance level of $1,591.However, the Relative Strength Index period 14 is at 60 levels with the signal line pointing up to indicate a buy signal.
XAUUSD Medium-term Trend: Bullish
Gold is bullish on the 4-hour chart. On February 11, the commodity pulled back to retest the dynamic support levels of 21 and 50 EMAs. Shortly after that, the price started consolidation for 24 hours. The Bulls gathered momentum and pushed up the price towards the resistance level of $1,591.
Gold is trading above the 21 periods EMA and 50 periods EMA which connotes an increase in the Bulls’ pressure. The Relative Strength Index period 14 is at 70 levels with the signal lines pointing up to indicate a buy signal.
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