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Gold (XAUUSD) Price; Resistance Breakup May Lead to Further Profits

Azeez M. Mustapha by Azeez M. Mustapha
May 30, 2020
in Analysis, FX Industry, Review
Reading Time: 3min read
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Gold Weekly Price Analysis – May 30

Increasing in the bulls’ momentum may break up the resistance level of $1,736 and target the $1,800 – $1,850. Should the bears defend the resistance level of $1,736, the price may drop to support level of $1,680 which may reduce to support levels of $1,643 – $1,591.

XAUUSD Market

Key levels:

Resistance levels: $1,736, $1,800, $1,850
Support levels: $1,680, $1,643, $1,591

 

XAUUSD Long-term Trend: Bullish

On the long-term outlook, Gold is bullish. After the breakout of Gold price from the consolidation movement, the price moved up towards the resistance level of $1,736. The bears interrupted the movement and the price is slowly decreasing within the descending wedge. The price resumed back to consolidation and the resistance level of $1,736 remains a strong barrier to the yellow metal.

Gold Daily chart, May 30

The yellow metal is trading above the 21 periods EMA and 9 periods EMAs at close range, which indicates that the bullish movement is slow. The price is having direct contact with the two EMAs which indicates a reduction in the volatility. Increasing in the bulls’ momentum may break up the resistance level of $1,736 and target the $1,800 – $1,850. Should the bears defend the resistance level of $1,736, the price may drop to support level of $1,680 which may reduce to support levels of $1,643 – $1,591. 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. The bulls pushed up the price to penetrate the resistance level of $1,736. The bears opposed the breakout with the formation of strong bearish candles; the price reduces towards the support level of $1,680. The bullish engulfing candle formed to reverse the price and currently retesting the resistance level of $1,736.

Gold 4-hour chart, May 30

Gold is trading above 9 periods EMA and the 21 periods EMA. The Relative Strength Index period 14 is at 60 levels with the signal lines pointing downside to indicate a sell signal.

Please note: Cryptovibes.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

Tags: GoldMarketingTechnical Analysis

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