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Gold (XAUUSD) Price; Would It Break Up the Resistance Level of $1,591?

Gold Weekly Price Analysis – January 11

After the price retracement and the Bulls were able to gain enough pressure to break up the resistance level of $1,591, the next target levels are $1,643 and $1,690. In case the Bears break down the support level of $1,539, the price may target the support level of $1,510 and $1,478.

XAUUSD Market
Key levels:

Resistance levels: $1,591, $1,643, $1,690
Support levels: $1,539, $1,510, $1,478

XAUUSD Long-term Trend: Bullish

On the long-term outlook, Gold is bullish. The bulls’ strength is increasing daily in the Gold market. The market closed above the support level of $1,539 on 03 January. Another strong bullish candle emerged and pushed the price to test the resistance level of $1,539. On January 08, the Bulls increased their momentum and pushed the price to break up the resistance level of $1,591 but the Bears quickly resist the increase in price and the price declined to retest the support level of $1,539; this could be a price retracement before continuation of the uptrend.

The yellow metal continues its trading above the 21 periods EMA and 50 periods EMA at a distance to each other which is an indication that the Bulls still hold the Gold market strongly. After the price retracement and the Bulls were able to gain enough pressure to break up the resistance level of $1,591, the next target levels are $1,643 and $1,690. In case the Bears break down the support level of $1,539, the price may target the support level of $1,510 and $1,478. The Relative Strength Index period 14 is at 70 levels and the signal lines pointing up which indicates a buy signal.

XAUUSD Medium-term Trend: Bullish

Gold is bullish on the 4-hour chart. The Bulls holds tenaciously to the yellow metal market and the price had a fake breakout last week before it was pushed down to retest the support level of $1,539. The price was consolidating at the support level of $1,539 before the market close.

The price is trading between the 21 periods EMA and 50 periods EMA which connotes that consolidation is in progress. The Relative Strength Index period 14 is at 50 levels with the signal lines pointing up to indicate a strong buy signal.

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