Gold (XAUUSD) May Reverse at Support Level of $1,750 to Target $1,796

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Gold (XAUUSD) May Reverse at Support Level of $1,750 to Target $1,796

Gold Weekly Price Analysis – December 04

Further price decrease is not envisaged as the bulls’ momentum increases before weekly market closed and this may push the price to penetrate the $1,796 level, then, the resistance level of $1,831 and $1,873 will be the target. In case the $1,796 level holds, the price will continue its bearish momentum and may face the support levels at $1,750, $1,717, and $1,700.

XAUUSD Market

Key levels:

Resistance levels: $1,796, $1,831, $1,873

Support levels: $1,750, $1,717, $1,700

 

XAUUSD Long-term Trend: Bearish

The bears has been ruling the Gold market for more than two weeks; the price started selling from the high of $1,873 on November 16. The price declined, broke down the former support levels of $1,831, $1,796, and tested $1,750. The bulls gained momentum on November 30: a daily strong bullish candle emerges which pulled back the price but the bears opposed the movement and it decrease to $1,750.

The gold price has penetrated the fast-moving EMA (9 periods EMA) and the slow-moving EMA (21 periods EMA) downside; the price is trading below the two EMAs. Further price decrease is not envisaged as the bulls’ momentum increases before weekly market closed and this may push the price to penetrate the $1,796 level, then, the resistance level of $1,831 and $1,873 will be the target. In case the $1,796 level holds, the price will continue its bearish momentum and may face the support levels at $1,750, $1,717, and $1,700.

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