Gold (XAUUSD) Price: Bears Oppose Further Increase, Targeting $1,750 Support Level

Gold Weekly Price Analysis – October 30

Gold price may resume an uptrend movement provided the dynamic levels opposed the bears’ pressure, it may increase towards $1,796, $1,830 and $1,873 levels. Further increase in the bears’ momentum may push the price to $1,750 level and below the support level just mentioned are $1,717 and $1,908 support levels.

XAUUSD Market

Key levels:

Resistance levels: $1,796, $1,830, $1,873

Support levels: $1,750, $1,717, $1,680

XAUUSD Long-term Trend: Bullish

Gold is bullish on the long-term outlook. The bulls maintain their position in the Gold market on the daily chart. The price broke up the resistance level of $1,796 on October 25. Increasing towards the resistance level of $1,831. The sellers were resisting further price increase and the mark could not be reached. The price pulled back and retest the dynamic support levels before weekly market closed.

Gold is trading between the two EMAs which indicate that the bulls’ momentum is decreasing before the closing of Gold weekly market. The 9 periods EMA remains above the 21 periods EMA. Gold price may resume an uptrend movement provided the dynamic levels opposed the bears’ pressure, it may increase towards $1,796, $1,830 and $1,873 levels. Further increase in the bears’ momentum may push the price to $1,750 level and below the support level just mentioned are $1,717 and $1,908 support levels.

XAUUSD Medium-term Trend: Bearish

Gold is on the bearish movement on the 4-hour chart. The Bullish movement that commenced on October 18 at $1,750 support level pushes the price to break up the resistance level of $1,796. The bulls’ pressure failed before it reached the resistance level of $1,831. The price suddenly dropped with the formation of strong bearish candle. It is targeting the support level of $1,750.

The price is trading below the 9 periods EMA and 21 periods EMA as an indication of bearish market. The Relative Strength Index period 14 is at 40 levels with the signal line pointing up to indicate buy signal which may be a pullback.

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