Gold Weekly Price Analysis – May 28
Gold price may continue an uptrend movement provided the resistance level of $1,868 is broken upside, possibly, $1,888 and $1,915 levels may be tested. In case the bears defend the resistance level of $1,868, the price may decrease towards $1,844, $1,805 and $1,761 levels.
XAUUSD Market
Key levels:
Resistance levels: $1,868, $1,888, $1,915
Support levels: $1,844, $1,805, $1,761
XAUUSD Long-term Trend: Bullish
Gold is bullish on the long-term outlook. Two weeks ago, the Gold price closed below the support level of $1,844. The buyers increase their momentum in the Gold market on the daily chart. The price turned the former resistance level of $1,844 to support level on May 19. The price is increasing towards the resistance level of $1,868 before weekly market closed.
Gold is trading slightly above the two EMAs which indicate that the bulls’ momentum is increasing before the closing of Gold weekly market. The 9 periods EMA is trying to cross above the 21 periods EMA. Gold price may continue an uptrend movement provided the resistance level of $1,868 is broken upside, possibly, $1,888 and $1,915 levels may be tested. In case the bears defend the resistance level of $1,868, the price may decrease towards $1,844, $1,805 and $1,761 levels.
XAUUSD Medium-term Trend: Bullish
Gold is on the bullish movement on the 4-hour chart. The white metal tested the support level of $1,805 on May 16. The bulls rejected further price decrease and the Bullish movement commenced on May 17 at $1,805 support level. The price is pushed up to break up the resistance level of $1,844. The bulls’ pressure has pushed up the price to reach the resistance level of $1,868.
The price is trading fairly above the 9 periods EMA and 21 periods EMA as an indication of bullish market. The Relative Strength Index period 14 is at 52 levels with the signal line pointing down to indicate sell signal which may be a pullback.
