#XAUUSD GOLD long term analysis
In weekly charts, the gold price has encountered a critical key point at the resistance level of 1992. This means that whenever the price of gold reaches or approaches 1992, it tends to face strong selling pressure, making it difficult for the price to rise beyond that level.
On the other hand, there are support levels at 1895 and 1805. These support levels act as a price floor, meaning that when the price of gold declines and reaches or approaches these levels, there is usually increased buying interest, which can prevent the price from falling further.
So, in simple terms, 1992 is a significant barrier for the gold price, making it challenging for the price to go higher. Meanwhile, 1895 and 1805 are levels where buyers tend to step in, preventing the price from dropping significantly.
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On the other hand, there are support levels at 1895 and 1805. These support levels act as a price floor, meaning that when the price of gold declines and reaches or approaches these levels, there is usually increased buying interest, which can prevent the price from falling further.
So, in simple terms, 1992 is a significant barrier for the gold price, making it challenging for the price to go higher. Meanwhile, 1895 and 1805 are levels where buyers tend to step in, preventing the price from dropping significantly.
aiutrade
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