Gold Weekly Price Analysis – June 20
The price closed above the resistance level of $1,736, further increase in price is possible as long as the bulls maintain their momentum. The price may rally to target the resistance levels of $1,800, $1850 and $1,920. In case the bears interrupt the bulls’ movement, the price may return to its bearish movement which may have its target at $1,736 – $1,643.
Resistance levels: $1,800, $1,850, $1,920
Support levels: $1,736, $1,680, $1,643
XAUUSD Long-term Trend: Bullish
Gold is bullish on the long-term outlook. The bulls resumed in to the Gold market last week. The resistance level of $1,736 was reached. The level holds the price and this led to consolidation at the same level. On June 19, the bulls gained more momentum and the resistance level of $1,736 was penetrated to the upside. The daily bullish candle closes above $1,736 level; there is tendency for bullish movement continuation.
The two EMAs remain below the Gold price. That is, the yellow metal is trading above the 21 periods EMA and 9 periods EMAs which connotes that the bulls dominate the Gold market. In case the bears interrupt the bulls’ movement, the price may return to its bearish movement which may have its target at $1,736 – $1,643. Meanwhile, the Relative Strength Index period 14 is at 40 levels with the signal line pointing up to indicate buy signal.
XAUUSD Medium-term Trend: Bullish
Gold is bullish on the 4-hour chart. After the breakout of the price from the descending channel, the bulls have been pushing up the price gradually but unable to break up the resistance level of $1,736. Yesterday, the Bulls increase their momentum which led to the increase in price above the just mentioned level. It is currently exposed to the resistance level of $1,800.
Gold is trading above 9 periods EMA and the 21 periods EMA as an indication that the bulls are ruling the Gold market. The Relative Strength Index period 14 is above 60 levels with the signal line pointing upside which indicates buy signal.