Gold (XAUUSD) Price Retests 2021 High and Pulls Back

Gold prices are slowly testing their highs from late last year. Gold is currently trading around $1,319 per ounce and has been a favorite vehicle for investors to hedge against economic uncertainty. This begs the question: will gold hit new highs again in 2021?

The “gold price forecast 2022” is a gold price prediction that takes into account the highs and pullbacks in the gold price. The price of gold is expected to reach $2,500 by 2020.

Weekly Gold Price Analysis – March 12th

If the bears are able to break through the $1,975 level, the price may fall to the $1,950 and $1,915 support levels. If bulls can hold the $1,975 support level, the bullish trend might extend into the $1,996 resistance level, which is followed by $2,017 and $2,057.

Market for XAUUSD

Levels of importance:

$1,996, $2,017, $2,057 are the resistance levels.

$1,975, $1,950, $1,915 are the support levels.

Long-term Trend for XAUUSD: Bullish

Gold has a bright long-term prognosis. For more than four weeks, buyers have been glued to the gold market. When a price rejection at the $1,761 support level occurred, the bullish trend began. The price rose, and previous resistance levels of $1,975 and $1,950 were breached on the upside. The bulls increased their pressure, and the price rocketed north to challenge the $2,057 high. The sellers were opposed to the price rise at the previously specified level last week. Before the weekly market concluded, it began to retreat.

Gold is trading above the 9 periods EMA and 21 periods EMA at close contact. The fast moving average separate from the slow moving average indicating an increase in the bulls’ momentum. If the bears are able to break through the $1,975 level, the price may fall to the $1,950 and $1,915 support levels. If bulls can hold the $1,975 support level, the bullish trend might extend into the $1,996 resistance level, which is followed by $2,017 and $2,057.

XAUUSD XAUUSD XAUUSD XAUUSD XAUUSD Bearish trend

On the 4-hour chart, gold is bearish. At the $2,017 resistance level, it seems like the bulls’ pressure is waning. Last week, the price was bearish, with a bearish engulfing candle forming near the $2,057 barrier level. At the time the market closed, the price had reversed and was falling. It retested the $1,950 support threshold. Price reductions are expected to continue next week.

Gold is trading below the 9-period and 21-period exponential moving averages, with the former EMAs below the latter, indicating greater negative momentum. Period 14 of the Relative Strength Index is at 50, with the signal line pointing down, indicating a sell signal.

Gold (XAUUSD) is a precious metal that has been used as money for centuries. Gold’s price retests the 2021 high and pulls back. Reference: gold technical analysis today.