Gold Weekly Price Analysis – June 19
Further increase in the bears’ momentum may break down $1,741 level, price may decrease to the support levels at $1,680 and $1,643. In case bulls oppose the bears’ momentum, Gold may break up the resistance level at $1,789, then, $1,919 resistance level may be tested and there may be a price inclination to the resistance level of $1,845.
XAUUSD Market
Key levels:
Resistance levels: $1,789, $1,818, $1,845
Support levels: $1,741, $1,680, $1,643
XAUUSD Long-term Trend: Bearish
Gold is bearish on the long-term outlook. The yellow metal played out the way it was predicted last week, the bears has taken over the Gold market and bearish momentum increases. It has pushed down the price to test the support level of $1,789. The bearish momentum breaks down the just mentioned level and the price is currently expose to the support level of $1,741.
Gold market closed with a strong bearish momentum below the support level of $1,789 as indicated on the daily chart. Gold has penetrated the 9 periods EMA and 21 periods EMA downside. The fast moving average is below the slow moving average which indicate an increase in the bears’ momentum. Further increase in the bears’ momentum may break down $1,741 level, price may decrease to the support levels at $1,680 and $1,643. In case bulls oppose the bears’ momentum, Gold may break up the resistance level at $1,789, then, $1,919 resistance level may be tested and there may be a price inclination to the resistance level of $1,845.
XAUUSD Medium-term Trend: Bearish
Gold is bearish on the 4-hour chart. Gold price resumes a bearish trend after it tested the resistance level at $1,908 three times. The bullish momentum is opposed by the bears. The former support level of $1.818 has turned to resistance.
Gold is trading below the 9 periods EMA and 21 periods EMA with the former EMAs below the later as an indication of an increased bearish momentum. The Relative Strength Index period 14 is below 30 levels with the signal line pointing down to indicate further price reduction.
