Gold Weekly Price Analysis – February 20
The previous low at $1,773 has been tested. Below the $1,773 are $1,741 and $1,680 support levels, these levels may be tested in case the bears increase their momentum. The support level of $1,773 may hold and the price reverse towards the $1,818, $1,873, and $1,900 levels.
XAUUSD Market
Key levels:
Resistance levels: $1,818, $1,873, $1,900
Support levels: $1,773, $1,741, $1,680
XAUUSD Long-term Trend: Bearish
Gold is bearish on the long-term outlook. Last week, the Gold market closed at the $1,818 price level. The strength of the US dollar remains higher than that of Gold and this allows the bears to push the price to a significant support level at $1,773. The precious metal reaches the low of last year November. The gold weekly market closed at the support level of $1,773. The metal may reverse at the just mentioned support level.
The metal is trading below the two EMAs as it is descending towards the south. The trading below the 9-periods EMA and 21-periods EMA is a sign of bearish movement in the Gold market. The previous low at $1,773 has been tested. Below the $1,773 are $1,741 and $1,680 support levels these levels may be tested in case the bears increase their momentum. The support level of $1,773 may hold and the price reverse towards the $1,818, $1,873, and $1,900 levels.
XAUUSD Medium-term Trend: Bearish
Gold is bearish in the 4-hour chart. The bears increased their momentum last week and there was a further decrease in the Gold price. The former support level of $1,818 has turned to the resistance level. The price decreases further to the support level at $1,773 before the market was closed yesterday. It seems the bullish momentum is getting weak and this may lead to the price bullish reversal.
The price is trading below the two EMAs which indicates that the bears are in control of the Gold market. The Relative Strength Index period 14 is above 40 levels with the signal line pointing upside to indicate buy signal.
