Gold (XAUUSD) Price; Bulls May Take Over Soon – Cryptovibes.com – Daily Cryptocurrency and FX News

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Gold Weekly Price Analysis – February 13

The previous low at $1,818 may be retested provided support level at $1,818 does not hold and the bearish momentum may be extended to $1,789 and $1,741. In case the support level of $1,818 holds the resistance levels at $1,873, $1,900 and $1,959 may be the targets.

XAUUSD Market

Key levels:

Resistance levels: $1,873, $1,900, $1,959

Support levels: $1,818, $1,789, $1,741

 

XAUUSD Long-term Trend: Bearish

On the long-term outlook, Gold is bearish. The sellers hold tight to the Gold market. The bearish pressure pushed the price to hit the support level at $1,789 on 04 February with a strong bearish candle. The force of the bulls prevented the breakdown of the $1,789 support level. On February 05, the price bounced and increases towards the dynamic resistance level. The further price increase is prevented by the dynamic resistance level. The price is gradually decreasing before the weekly market closed.

The two EMAs are descending towards the south and the price is trading below the 9-periods EMA and 21-periods EMA as a sign of bearish movement in the Gold market. The previous low at $1,818 may be retested provided support level at $1,818 does not hold and the bearish momentum may be extended to $1,789 and $1,741. In case the support level of $1,818 holds the resistance levels at $1,873, $1,900 and $1,959 may be the targets.

XAUUSD Medium-term Trend: Bearish

Gold is bearish in the 4-hour chart. Several attempts made by the bulls to break up at $1,873 were proof abortive. The bears are oppressing the bulls and this what makes the Gold price fluctuate below the $1,873 price level. The bears are prevailing in the Gold market.

Gold 4 hour chart, February 13

The price is trading below the two EMAs which indicates that the bears are holding tight to the Gold market. The Relative Strength Index period 14 is above 40 levels with the signal line pointing upside to indicate buy signal. The bulls may take over the market soon.

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