Gold Weekly Price Analysis – July 11
The resistance level of $1,811 may hold the price in case there is a weakness in bulls’ momentum and this may reverse the price towards the south and be confronted with support levels at $1,778, $1,736, and $1,680.
XAUUSD Market
Key levels:
Resistance levels: $1,811, $1,850, $1,880
Support levels: $1,778, $1,736, $1,680
XAUUSD Long-term Trend: Bullish
On the long-term outlook, Gold is bullish. The buyers are yet to give up their activities in the Gold market; they continue dominating the market as the sellers refuse to fold their hands. In other words, Gold continues on its bullish movement on the daily chart. The bullish momentum pushed up the price and broke up the former resistance level of $1,778. It has reached the resistance level of $1,811 before the closing of the market.
The yellow metal continues its trading above the 9 periods EMA and 21 periods EMAs with the two EMAs well spanned apart which indicate that the bulls are still in control of the Gold market. The resistance level of $1,811 may hold the price in case there is a weakness in bulls’ momentum and this may reverse the price towards the south and be confronted with support levels at $1,778, $1,736, and $1,680. Should buyers increase their pressure and break up the resistance level of $1,811, then the price may found another resistance level at $1,850 and 41,880. The Relative Strength Index period 14 is above 60 levels with the signal line pointing downside which indicates sell signal.
XAUUSD Medium-term Trend: bullish
Gold is bullish on the 4-hour chart. The price was consolidating at a former resistance level of $1,778 last week. The bulls increase their momentum and break up the just mentioned level and soared to test the resistance level of $1,811. The price is gradually pulling back before the closing of the market.
The 9 periods EMA is crossing the 21 periods EMA to the downside which indicates that bears may take over soon. The Relative Strength Index period 14 is at 50 levels with the signal line pointing downside which indicates sell signal.
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