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Gold (XAUUSD) Price May Increase to $1,960 Resistance Level  

Gold Weekly Price Analysis – May 29

The breaking up of $1,901 level by the bulls may increase the price to the resistance levels at $1,932 and $2,200. Should bears push Gold to break down the support level at $1,873, then, $1,845 support level may be tested and there will be a price declination to the support level of $1,818.

 

XAUUSD Market

Key levels:

Resistance levels: $1,901, $1,960, $2,200

Support levels: $1,873, $1,845, $1,818

XAUUSD Long-term Trend: Bullish

Gold is bullish on the long-term outlook. The bulls hold unto the Gold market despite the increase in the US Dollar last week. Though there was no significant movement in the Gold market, the price just ranged within the resistance level of $1,901 and support level of $1,873. The buyers’ momentum was increasing before the market closed last week. The bulls were trying to break up the resistance level of $1,901.

Gold daily chart, May 29

Strong bullish momentum indicated on the daily chart as Gold is trading above the 9 periods EMA and 21 periods EMA at a distance. The fast moving average remains above the slow moving average well separated which indicate an increase in the bulls’ momentum. The breaking up of $1,901 level by the bulls may increase the price to the resistance levels at $1,932 and $2,200. Should bears push Gold to break down the support level at $1,873, then, $1,845 support level may be tested and there will be a price declination to the support level of $1,818.

 

XAUUSD Medium-term Trend: Bullish

Gold is bullish on the 4-hour chart. Gold price steadily increases towards north side according to the bulls’ momentum. The former resistance level of $1,845 and $1,873 have turned to support levels when it was penetrated upside.

Gold 4 hour chart, May 29

Gold is trading above the 9 periods EMA and 21 periods EMA with the former EMAs above the later as an indication of an increased bullish momentum. The Relative Strength Index period 14 is at 60 levels with the signal line pointing up to indicate buy signal.

 

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