XAUUSD: Gold touches multi-week high!
The XAU/USD daily chart indicates that it is holding onto small gains above a steady 20 Simple Moving Average (SMA), while a stable 100 SMA is positioned around 1,950. Additionally, the technical indicators are gradually rising and putting pressure on their midlines. Although it doesn't seem likely for another upward movement, it does reduce the chances of a decline in the near future.
In the 4-hour chart, technical analysis shows that XAU/USD encountered selling pressure when it approached the bearish 200 Simple Moving Average (SMA), but it remains above the shorter moving averages. The 20 SMA is below the bearish 100 SMA, indicating that buyers are not particularly strong. Furthermore, the technical indicators are retreating from overbought levels, but they still remain in positive territory, suggesting that a significant decline is not imminent.
Support levels: 1,924.35 1,910.05 1,898.10
Resistance levels: 1,945.20 1,958.75 1,967.90
In the 4-hour chart, technical analysis shows that XAU/USD encountered selling pressure when it approached the bearish 200 Simple Moving Average (SMA), but it remains above the shorter moving averages. The 20 SMA is below the bearish 100 SMA, indicating that buyers are not particularly strong. Furthermore, the technical indicators are retreating from overbought levels, but they still remain in positive territory, suggesting that a significant decline is not imminent.
Support levels: 1,924.35 1,910.05 1,898.10
Resistance levels: 1,945.20 1,958.75 1,967.90
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