Gold managed to bounce back above $1,950 and is now trading at an hourly high of $2,000. Gold has repeatedly proven its resilience in the face of a bearish market with a number of investors looking for safe haven investments.
The “gold technical analysis today” is a nice way to see if the price has reached previous highs. The technical analysis shows that gold retested its previous high at $1,975.
Weekly Gold Price Analysis – March 5th
If the bulls can break over the $1,975 level, the price will rise towards the $1,996 and $2,017 resistance levels. If bears drive Gold below $1,950, a negative trend will emerge, with prices falling to support levels of $1,950, $1,915, and $1,888.
Market for XAUUSD
Levels of importance:
$1,975, $1,996, $2,017 are the resistance levels.
$1,950, $1,915, $1,888, $1,950, $1,915, $1,888, $1,950, $1,915, $1,888
Long-term Trend for XAUUSD: Bullish
The long-term forecast for gold is optimistic. Since January 31, when the support level of $1,761 rejected the negative power, the Bulls have been able to rule the Gold market. The price rose, and the $1,921 and $1,950 resistance levels were breached on the upside. The bulls increased their pressure, and the price rose to $1,970, testing the previous high.
Gold daily chart for the 5th of March
Gold is trading above the 9 periods EMA and 21 periods EMA at distance with big bullish candle. The fast moving average separate from the slow moving average indicating an increase in the bulls’ momentum. If the bulls can break over the $1,975 level, the price will rise towards the $1,996 and $2,017 resistance levels. If bears drive Gold below $1,950, a negative trend will emerge, with prices falling to support levels of $1,950, $1,915, and $1,888.
XAUUSD XAUUSD XAUUSD XAUUSD XAUUSD Bullish trend
On the 4-hour chart, gold is bullish. Last week, the price was negative, dropping down to test the $1,888 support level. Bullish movement was reestablished when the bulls successfully defended the indicated level. The resistance levels of $1,915 and $1,950 were breached by price. Before the weekly market ended, the price rose near the $1,970 barrier level.
May 05, 4-hour gold chart
Gold is trading above the 9-period and 21-period exponential moving averages, with the former EMAs above the latter, indicating greater bullish momentum. The signal line on the Relative Strength Index period 14 is heading up, indicating a buy signal.
The “gold buy or sell today” is a cryptocurrency that has been trading at $1,975 for the past few days. The price retests the previous high of $1,975 and then falls to $1,735.
