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    • Gold Is in a Sideways Trend as It Holds Above $1,800 Support

    Gold Is in a Sideways Trend as It Holds Above $1,800 Support

    • Posted by DigitalLeonard
    • Categories Gold, Technical Analysis, Trade Ideas, Trading Briefs, XAUUSD
    • Date June 25, 2022
    • Comments 0 comment

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    Key Resistance Levels: $1,900, $1,950, $2000
    Key Support Levels: $1,750, $1, 700, $1,650

    Gold (XAUUSD) Long-term Trend: Bearish
    XAUUSD’s price is in a downtrend as price holds above $1,800 support. The downtrend subsided after falling to the low of $1,799 on May 13. Since May 13, the market has been in a sideways move. On May 16 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that Gold will fall but reverse t level 1.272 Fibonacci extension or $1,742.93.

    Gold Is in a Sideways Trend as It Holds Above $1,800 Support
    XAUUSD – Daily Chart

    Daily Chart Indicators Reading:
    Gold is at level 44 of the Relative Strength Index for period 14. XAUUSD is in the bearish trend zone and capable of further decline. The 21-day line SMA and the 50 –day line SMA are sloping southward indicating a downtrend. Gold price bars have fallen below the moving averages indicating a further decline.

    Gold (XAUUSD) Medium-term bias: Ranging
    On the 4-hour chart, Gold is in a sideways trend but the price bars are below the moving averages. Since June 22, the market has been fluctuating between $1,800 and $1,850 price levels. The market will resume upward if price breaks above the moving averages.

    Gold Is in a Sideways Trend as It Holds Above $1,800 Support
    XAUUSD – 4 Hour Chart

    4-hour Chart Indicators Reading
    XAUUSD is above the 25% range of the daily stochastic. The market is in a bullish momentum. . The 21-day SMA and the 50-day SMA are sloping horizontally indicating a sideways move.

    General Outlook for Gold (XAUUSD)
    Gold’s (XAUUSD) price is in a downtrend as it holds above $1,800 support. The market has reached bearish exhaustion. Gold has been consolidating above the $1,786 support since May 16.

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