Chapter 2 Market Technical 17th April 2023
Gold (XAUUSD)
Last week, gold had a big movement and was able to move higher than our resistance level at $2,033 as expected. Gold closed the week at $2,004.
On the weekly timeframe, we can see that the Stochastic Indicator is still inside the overbought level. The gold price is currently moving above the 20, 50, and 200-period moving averages.
Our weekly resistance levels are at $2,033 and $2,070 with the support levels at $1,988 and $1,944.
Meanwhile, on the daily timeframe, the Stochastic Indicator exited the overbought level. The price is still moving above the 20, 50, and 200-period moving averages.
Our daily resistance levels are at $2,021 and $2,040, with the support levels at $1,993 and $1,971.
Conclusion: This week, we anticipate a significant focus on international events, which may offer a favourable opportunity for Gold to gain a stronger foothold before its next surge. We predict that Gold may experience an initial dip early in the week, followed by a subsequent rise towards our resistance level of $2,033.
