Gold Weekly Price Analysis – September 18
In case the bears are able to push the price below the support level of $1,750, then $1,717 support level may be tested and it may extend to the low of $1,680. In case the support level of $1,750 holds, price may increase towards the resistance levels at $1,789, and it may increase to $1,830 and $1,845.
XAUUSD Market
Key levels:
Resistance levels: $1,789, $1,830, $1,845
Support levels: $1,750, $1,717, $1,680
XAUUSD Long-term Trend: Bearish
On the long-term outlook, Gold is bearish. The metal reached the high of $1,831 on 03 September. A bearish candle pattern called an evening star formed at the same level. The market obeyed the command of the bearish pattern formed. More bearish candles were produced and the price decline to $1,789 level where it consolidates for few days. On September 16, the sellers acquire more pressure and the price drop to the support level at $1,750.
Gold maintain its position crossed the two EMAs downside and it is trading below the 9 periods EMA and 21 periods EMA. It is an indication that the bears’ momentum is increasing. In case the bears are able to push the price below the support level of $1,750, then $1,717 support level may be tested and it may extend to the low of $1,680. In case the support level of $1,750 holds, price may increase towards the resistance levels at $1,789, and it may increase to $1,830 and $1,845.
XAUUSD Medium-term Trend: Bearish
Gold is on the bearish movement on the 4-hour chart. The bulls’ pressure could not break up the resistance level of $1,830. The yellow metal repelled from the resistance level of $1,830 to the support level of $1,787 and started consolidating for three days. The bears broke down the dynamic support level and it declines to the support level of $1,750.
The price is trading below the 9 periods EMA and 21 periods EMA as an indication of bearish market. The Relative Strength Index period 14 is at 30 levels with the signal line pointing up to indicate buy signal.
