Gold Weekly Price Analysis – April 23
In case bears’ pressure increase, price may break down the support level of $1,915, price may decrease to the low of $1,888 and $1, 868 levels. An increase in the bulls’ momentum may push the price to break up $1,950 resistance level in which it may extend to the high at $1,975 and $1,996 levels.
XAUUSD Market
Key levels:
Resistance levels: $1,950, $1,975, $1,996
Support levels: $1,915, $1,888, $1,868
XAUUSD Long-term Trend: Bearish
Gold is on the bearish movement in daily chart. After the ranging movement that took place within the resistance level of $1,950 and the support level of $1,915 last two weeks. There was a bullish breakout when the bulls gained more pressure to push up the price. The yellow metal increased and tested the resistance level of $1,996. An inverted pin bar candle formed at the same mentioned level which indicate an increase in the bears’ pressure. Since then, price has been decreasing towards $1,915 level.
Gold price is trading below the 9 periods EMA and 21 periods EMA before the weekly market closed. In case bears’ pressure increase, price may break down the support level of $1,915, price may decrease to the low of $1,888 and $1, 868 levels. An increase in the bulls’ momentum may push the price to break up $1,950 resistance level in which it may extend to the high at $1,975 and $1,996 levels.
XAUUSD Medium-term Trend: Bearish
Gold is on the bearish movement in the medium-term outlook. The bullish movement is put on hold at resistance level of $1,996. The bears took over the market and the price decreasing. The former support level of $1,975 and $1,948 has turned to resistance level. The price is targeting $1,915 level. Further price decrease is possible next week.
The two EMAs are separate from each other and the price is trading below the two EMAs indicating bearish momentum. The Relative Strength Index period 14 is found at 33 levels and the signal line pointing down which indicate a sell signal.
