Gold Weekly Price Analysis – March 27
When the bulls penetrate the resistance level of $1,741 upside, it will be targeting the resistance level of $1,789 and $1,818. In case the resistance level of $1,741 holds, consolidation may continue. XAUUSD Market
Resistance levels: $1,741, $1,789, $1,818
Support levels: $1,680, $1,643, $1,591
XAUUSD Long-term Trend: Ranging
Gold is on the ranging mode on the long-term outlook. Gold was bearish in the last two weeks. The bearish momentum bottomed Gold at the support level of $1,680. A bullish engulfing candle pattern emerged at the just mentioned support level; this is what triggered the bullish momentum in the Gold market. Following the scenario is the weak bullish momentum that could not break up the $1,741 price level. The bearish momentum is equally weak; this brought about ranging of the Gold market at $1,741 price level. The market closed yesterday at that mentioned level consolidating.
The brown metal is trying to break up the two EMAs upside. It is trading between the 9 periods EMA and 21 periods EMA. The two EMA are close to each other as a sign of ranging market. When the bulls penetrate the resistance level of $1,741 upside, it will be targeting the resistance level of $1,789 and $1,818. In case the resistance level of $1,741 holds, consolidation may continue. However, the Relative Strength Index period 14 is below 50 levels with the signal line parallel to the level as an indication of consolidation mode.
XAUUSD Medium-term Trend: Ranging
Gold is consolidating around resistance level at $1,741 in the 4-hour chart. The brown metal could not break out of the consolidation mode after bounces off the support level at $1,680. The bulls made an attempt to push the brown metal out of the consolidation mode but the bears prevents. Consolidation will continue until there is a breakout at $1,741 or $1,680.
Gold is trading above and around the 21 periods EMA and 9 periods EMA with the two EMAs interlocked as an indication of ranging market. The Relative Strength Index period 14 is at 50 levels with the signal lines parallel to the level to indicate that consolidation is in progress.