Gold plunge 2.27% yesterday as the geo political tension rises. Gold $XAU face rejection from the key psychological resistance price level of $4,135, after the sharp decline of almost 2.27%. Gold found support near $4,025. At the time of writing this gold is trading near $4,070 and retesting the descending trendline. Overall trend is still downside. The Relative Strength Index RSI is at 40 lower than the level of neutral, aiming downward indicating the bearish momentum. Resistance: $4,140 and $4,115. Support: $4,050, $4,025 and $3,980.
GOLD $XAU turned Technical Bearish after the sharp price decline yesterday and Moving Averages form bearish Divergence 200-SMA flip 50-SMA. The price of Gold falls below $4,100 after retesting the key psychological resistance point level of $4,200. At the time of writing this GOLD is trading near $4,130. Technical sentiments are bearish, Traders are waiting for FOMC minutes announcement. Resistance: $4,200 and $4,140. Support: $4,115, $4,050 and $3980.
The Price of GOLD XAUUSD went parabolic yesterday during the Asian session. GOLD $XAU surge yesterday more than 3% after the sharp decline on previous day, If dollar keeps getting weaker we might see a good upward rally in GOLD. All eyes are on economic data of US employment rate and non-farm payroll, If the data comes in the favor of dollar we might see a sharp decline in Gold again.
Gold $XAU Technical Analysis and Price Forecast. Gold is consolidating above the key psychological support of descending wedge pattern, and continuously struggling to make a pullback. At the time of writing the Gold is currently trading below $4,000. Dollar continuously gaining strength that is working is a catalyst for Gold bears. Traders are waiting for todays Non-Farm payroll announcement and USA Fed speech, if the result will come in the favor of dollar then risk asset like gold and silver may drop sharply. If gold breakdown the support of $3,950 then the price may fall below $3,900. The Relative Strength Index RSI is at 32 higher then the oversold level and lower then level of neutral aiming downward indicating the bearish momentum. While Moving Averages are near to make a death crossover 50-SMA is near to 200-SMA indicates the strong bearish momentum. However a pullback from the support of $3,950 can extend the pump towards $4,100. P.s: This is not a financial advice do your own research.
Gold $XAU Technical Analysis and Price Forecast. Gold plunge below $4,000 last week as the Middle east tension escalate. Sellers are more interested in Gold as Dollar is continuously getting strong. Gold tested the key psychological support of descending channel and form a lower low near $3,960. At the time of writing this Gold is trading near $4,060. $4,140 and $4,200 are reacting as resistance price level, while $4,020 and $3,900 are reacting as support. If gold will make a day close above $4,080 than gold could extend the pump towards $4,200. However a day close below below $4,020 than it can extend the decline towards $3,900. The Relative Strength index RSI is at 36 lower than the level of neutral, aiming downward indicating that the bearish momentum. Moving Averages on daily time frame are near to make Death Crossover 50-DMA is near to flip 200-DMA. #XAU
My charting often surprised me 😆 Gold $XAU consolidating on the support trend line of descending channel, I'm expecting a pullback from this support trend line towards 4230$. This is not financial advice do your own research. #XAU
$BTC is struggling to break above the key resistance price level of $65,530. At the time of writing this bitcoin is trading near $64,000. Bitcoin has to make a day close above $65,530 to keep the bullish momentum continue. However a rejection from $65,500 might result in the fall of price towards $60k.