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.
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 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.
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