Gold Weekly Price Analysis – October 23
Gold price may increase further as the bulls’ momentum increase, it may push the price to $1,830 level and above the resistance level just mentioned are $1,873 and $1,908 resistance levels. In case the resistance level of $1,830 holds, price may reduce towards the support level of $1,789, and it may decrease to $1,750 and $1,717.
XAUUSD Market
Key levels:
Resistance levels: $1,830, $1,873, $1,908
Support levels: $1,789, $1,750, $1,717
XAUUSD Long-term Trend: Bullish
Gold is bullish on the long-term outlook. Towards the end of last two weeks, on October 15, the metal pulled back to retest the dynamic support level. The bulls opposed the bears’ momentum at the support level of $1,750. Last week, bulls gained more momentum and pushed the price to break up the resistance level of $1,789. The bears reacted to the sporadic increase in price.
Gold is trading above the two EMAs at distance which indicate that the bulls are ruling Gold market before weekly market closed. The 9 periods EMA remains above the 21 periods EMA. Gold price may increase further as the bulls’ momentum increase, it may push the price to $1,830 level and above the resistance level just mentioned are $1,873 and $1,908 resistance levels. In case the resistance level of $1,830 holds, price may reduce towards the support level of $1,789, and it may decrease to $1,750 and $1,717.
XAUUSD Medium-term Trend: Bullish
Gold is on the bullish movement on the 4-hour chart. Bullish movement commenced on October 18 at $1,750 support level last weeks. The price steadily increases and broke up the resistance level of $1,789. The price was increasing towards the resistance level of $1,831 but quickly opposed by the bears to retest the $1,789 level.
The price is trading above the 9 periods EMA and 21 periods EMA as an indication of bullish market. The Relative Strength Index period 14 is at 60 levels with the signal line pointing down to indicate sell signal which may be a pullback before bullish movement continue.
