Gold Weekly Price Analysis – April 18
When the bears maintain or increase their momentum, the support level of $1,643 may be penetrated and target $1,591 and $1,546. In case the support level of $1,643 holds, the price may reverse to retest $1,736 and$1,800 price level.
Resistance levels: $1,693, $1,736, $1,800
Support levels: $1,643, $1,591, $1,546
XAUUSD Long-term Trend: Bullish
Gold is bullish on the long-term outlook. The bulls have been in charge of the Gold market for more than two weeks. The bullish momentum continues throughout last week in the Gold market except for the last two days before the weekly market closed. The resistance level of $1,736 was reached but the Bears defended the mentioned level so that the bulls could not push the price above the level. The evening star candle pattern formed, the price reversed and close below $1,693 level.
The bullish momentum is decreasing and it has penetrated the 9 periods EMAs downside while 21periods EMA remains. The price is trading between the two EMAs at the time of written this report. When the bears maintain or increase their momentum, the support level of $1,643 may be penetrated and target $1,591 and $1,546. In case the support level of $1,643 holds, the price may reverse to retest $1,736 and$1,800 price level. The Relative Strength Index period 14 is below 60 levels with the signal line pointing downside to indicate sell signal.
XAUUSD Medium-term Trend: Bearish
Gold is bearish in the 4-hour chart. The bullish momentum exhausted when the price reached the resistance level of $1,736. The bears increased their momentum, pushed down the price and break down the $1,693 price level. It is currently exposed to the support level of $1,643.
Gold is trading below the 21 periods EMA and 9 periods EMA which connotes bearish trend. The Relative Strength Index period 14 is at 40 levels with the signal lines pointing downside to indicate a sell signal.
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