Where Did You Gold? - Gold May Continue Its Bearish Movement

Source: cryptovibes

Further increase in the bulls’ momentum may push the price to penetrate the $1,901 level, then, the resistance levels of $1,966 and $2,014 may be reached. In case the $1,901 level holds, the price may continue its bearish movement to the support levels at $1,789, $1,741, and $1,680.

XAUUSD Market

Key levels:

Resistance levels: $1,901, $1,966, $2,074

Support levels: $1,789, $1,741, $1,680

Gold price is bearish on the weekly chart. The bullish momentum pushed the price to a key resistance level of $2,074. The level just mentioned remains unchanged and the price reverses. The price action has formed a downward channel in which prices are traded. Unless there is a bullish break above the trend line, at a level above $1,902 per ounce, the bearish trend is likely to continue in 2021.

The price has broken through the downside space of the two EMAs, which means that the trading price of gold is lower than the 9-period EMA and the 21-period EMA, which indicates that the gold market has a bearish trend before a brief fall. The relative strength index fell below the 60 levels to indicate a sell signal.

FOLLOWME XAU/USD Overall Sentiment (As of 10:56 a.m., Dec 28, 2020),

Short - 52.83%

Long - 47.17%

For more information please refer to cryptovibes.