Gold Shows Signs of Recovery Around $1,940 USD
Updated
: Gold exhibited positive momentum at the start of the Asian trading session on Monday. The strengthening of the US dollar provided some support for the precious metal. However, the higher yields on US treasury bonds may limit the upward movement of gold in the upcoming session. The XAU/USD price is currently trading around $1,940, marking a 0.22% increase for the day.
The daily chart for XAU/USD indicates that bullish speculators are once again attempting to surpass the 23.6% Fibonacci retracement level of the recent pullback from $1,810.41 to $1,909.34, which is at $1,962.20. Although the trend is positive for the day, it also shows lower highs and lower lows while developing below the 20-day Simple Moving Average (SMA). Technical indicators are slightly bullish but remain within neutral territory.
In the short term, as seen on the 4-hour chart, XAU/USD encountered sellers around the declining 20-day SMA, extending its slide below the sideways-moving 100-day SMA. A breakthrough above this level could encourage buyers and lead to further intraday profits. Meanwhile, technical indicators are pointing upwards in negative territory.
Support Levels: $1,945.20, $1,933.20, $1,923.10
Resistance Levels: $1,965.30, $1,978.30, $1,989.00
The daily chart for XAU/USD indicates that bullish speculators are once again attempting to surpass the 23.6% Fibonacci retracement level of the recent pullback from $1,810.41 to $1,909.34, which is at $1,962.20. Although the trend is positive for the day, it also shows lower highs and lower lows while developing below the 20-day Simple Moving Average (SMA). Technical indicators are slightly bullish but remain within neutral territory.
In the short term, as seen on the 4-hour chart, XAU/USD encountered sellers around the declining 20-day SMA, extending its slide below the sideways-moving 100-day SMA. A breakthrough above this level could encourage buyers and lead to further intraday profits. Meanwhile, technical indicators are pointing upwards in negative territory.
Support Levels: $1,945.20, $1,933.20, $1,923.10
Resistance Levels: $1,965.30, $1,978.30, $1,989.00
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