Gold Weekly Price Analysis – May 14
The previous low at $1,805 may be penetrated provided support level at $1,805 does not hold and the bearish momentum may be extended to $1,761 and $1,723. In case the support level of $1,805 holds the resistance levels at $1,833, $1,868 and $1,888 may be the targets.
XAUUSD Market
Key levels:
Resistance levels: $1,833, $1,868, $1,888
Support levels: $1,805, $1,761, $1,723
XAUUSD Long-term Trend: Bearish
Gold is bearish on the long-term outlook. The sellers hold tight to the Gold market. The bearish pressure pushed the price to hit the support level at $1,868 on 02 May with a strong bearish candle. The force of the bulls prevented the breakdown of the just mentioned support level. On May 09, the price bounced and decreases towards the support level of $1,833. The price is gradually decreasing to break down the support level of $1,805.
As a sign of bearish movement in the Gold market, the two EMAs are descending towards the south and the price is trading below the 9-periods EMA and 21-periods EMA. The previous low at $1,805 may be penetrated provided support level at $1,805 does not hold and the bearish momentum may be extended to $1,761 and $1,723. In case the support level of $1,805 holds the resistance levels at $1,833, $1,868 and $1,888 may be the targets.
XAUUSD Medium-term Trend: Bearish
Gold is bearish in the 4-hour chart. Bulls were not able to push up price above $1,888 level before bears took over the market last two weeks. The bears are oppressing the bulls and this what makes the Gold price fall below the $1,833 price level. The bears are prevailing in the Gold market.
Bears are holding tight to the Gold market as the price is trading below the two EMAs. The Relative Strength Index period 14 is at 30 levels with the signal line pointing downside to indicate sell signal.
