Gold Price Is Struggling To Break Up $1,789 Resistance Level

When the bulls push up the price above the $1,789 resistance level and the daily candle close above the level, the price may increase and target the resistance levels at $1,818, $1,845. Should bears defend the resistance level of $1,789, the price may decrease towards $1,741, $1,680 and $1,643.

XAUUSD Market
Key levels:
Resistance levels: $1,789, $1,818, $1,845

Support levels: $1,741, $1,680, $1,643

XAUUSD Long-term Trend: Bearish
Gold is bullish on the long-term outlook. Bullish movement was triggered on August 11 at the support level of $1,680. There was a bullish chart pattern called Morning star formed at the same level that brought about bullish movement.  The yellow metal increases in price and broke up the $1,741 level upside. The price tested the resistance level at $1,789 on August 16. Since then, the price has been consolidating at the same level. 

Buyers are trying to break up the resistance level of $1,789 on daily chart. The metal is ranging around the 9 periods EMA and 21 periods EMA; this indicate that the bulls’ momentum and the bear’s momentum is low. When the bulls push up the price above the $1,789 resistance level and the daily candle close above the level, the price may increase and target the resistance levels at $1,818, $1,845. Should bears defend the resistance level of $1,789, the price may decrease towards $1,741, $1,680 and $1,643.

XAUUSD Medium-term Trend: Ranging
Gold is on the ranging movement on the 4-hour chart. The bullish momentum is put on holds at the resistance level of $1,789. The price is currently consolidating at the just mentioned resistance level. Throughout last week, the price was struggling to break up the $1,789 level.

Gold is hovering over the 9 periods EMA and 21 periods EMA as an indication of a consolidating market. The Relative Strength Index period 14 is at 50 levels with the signal line displaying no specific direction. www.cryptovibes.com

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