Gold Weekly Price Analysis – April 30
Should the bears break down $1,888 level, price may decrease to the support levels at $1,868 and $1,833. In case bulls push Gold to break up the resistance level at $1,915, then, $1,950 resistance level may be tested and there may be a price inclination to the resistance level of $1,975
XAUUSD Market
Key levels:
Resistance levels: $1,915, $1,950, $1,975
Support levels: $1,888, $1,868, $1,833
XAUUSD Long-term Trend: Bearish
Gold is bearish on the long-term outlook. The bullish momentum has pushed the price to test the resistance level of $1,996. It seems the bulls’ momentum is getting weak when the price reached the resistance level of $1,996. The yellow metal demonstrated a consolidation movement at the $1,908 price level. Last week, the bears dominated the market and the price decreased to test the support level at $1,888 before the closing of the weekly market.
Gold market closed with a strong bearish momentum as indicated on the daily chart. Gold has penetrated the 9 periods EMA and 21 periods EMA downside. The fast moving average is already below the slow moving average which indicate an increase in the bears’ momentum. Should the bears break down $1,888 level, price may decrease to the support levels at $1,868 and $1,833. In case bulls push Gold to break up the resistance level at $1,915, then, $1,950 resistance level may be tested and there may be a price inclination to the resistance level of $1,975
XAUUSD Medium-term Trend: Bearish
Gold is bearish on the 4-hour chart. Gold price tested the resistance level at $1,996 on April 18 and pulled back as the level holds. The bullish momentum is opposed by the bears. The support level of $1,888 is tested before the closing of the market.
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 at 44 levels with the signal line pointing down to indicate sell signal.
