Gold (XAUUSD) Price Reverses at $1,966, Bearish Trend May Continue – Cryptovibes.com – Daily Cryptocurrency and FX News

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Gold Weekly Price Analysis – January 09

An increase in the bears’ momentum may decrease the price to $1,789 level, in case it is penetrated, $1,966 and $1,074 may be tested. Inability to break down the $1,789 level may lead to continuation of the bullish trend in which $1,900, $1,966 and $1,074 may be the bulls’ target.

XAUUSD Market

Key levels:

Resistance levels: $1,900, $1,966, $1,074

Support levels: $1,789, $1,741, $1,680

 

XAUUSD Long-term Trend: Bullish

Gold is bearish on the long-term outlook. The precious metal was  increasing towards the resistance level of $1,900 last week before market closed. Indeed, the resistance level of $1,900 was reached and penetrated. The bullish trend extends to $1,966 level; that is the high of last November. The bullish momentum fails and the bears seize the opportunity and push down the price when they increased their pressure.

Gold price broke down the $1,900 again with strong momentum; the price is facing the support level of $1,789. It is trading below the 19 periods EMA and 21 periods EMAs with the former trying to cross the latter downside.  An increase in the bears’ momentum may decrease the price to $1,789 level, in case it is penetrated, $1,966 and $1,074 may be tested. Inability to break down the $1,789 level may lead to continuation of the bullish trend in which $1,900, $1,966 and $1,074 may be the bulls’ target.

 XAUUSD Medium-term Trend: Bullish

The bears were in control of the Gold market in the 4-hour chart.  The bullish momentum pushes the price to reach the resistance level of $1,966 after penetrating a key resistance level of $1,900. A bearish engulfing candle emerges at $1,966 resistance level and the price obey the command of the bears.

The 9 periods EMA has crossed 21 periods EMA downside and the price is trading below the two EMAs which indicate that the bears are in charge of the Gold market. The Relative Strength Index period 14 is at 20 levels with the signal line pointing upside to indicate buy which may be a pullback.

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