Gold Weekly Price Analysis – January 23
In case the Gold metal breaks up the $1,900 price level, $1,959 and $2,074 may be the next resistance level target. Should the resistance level of $1,900 holds, the price may continue decreasing towards the $1,818, $1,789, and $1,741 levels.
Resistance levels: $1,900, $1,959, $2,074
Support levels: $1,818, $1,789, $1,741
XAUUSD Long-term Trend: Bearish
Gold is bearish on the long-term outlook. The bears would not let the precious metal go as the price descends to the support level of $1,818. A partial breakout towards the $1,789 occurred on January 18. The bulls rejected further decrease in price with the formation of a long-tailed pin bar on January 18. The price increased towards the $1,901 resistance level. It is currently opposed at the dynamic resistance level.
The two EMAs are close to each other and the price is trying to penetrate and start trading above the 9 periods EMA and 21 periods EMA as an indication of bullish momentum. In case the Gold metal breaks up the $1,900 price level, $1,959 and $2,074 may be the next resistance level target. Should the resistance level of $1,900 holds, the price may continue decreasing towards the $1,818, $1,789, and $1,741 levels. The relative strength index period 14 is at 50 levels pointing down to indicate sell signal.
XAUUSD Medium-term Trend: Bearish
Gold is bearish in the 4-hour chart. The bulls attempted to push up the price to $1,900 price level but the bears are not in agreement with the movement. The precious metal has been under the control of bears for many days. The bearish momentum pushes down the price to the support level of $1,818 and the bears lose their momentum. The bulls’ pressure is equally weak and the price started consolidating within the $1,900 and the $1,818 support level.
The price is trading below the two EMAs which indicates that the bears are holding tight to the Gold market. The Relative Strength Index period 14 is at 50 levels with the signal line pointing downside to indicate sell signal.