XAU/USD Technical Outlook
Gold's snap decline in intraday Wednesday trading sees the XAU/USD slipping back from the $2,000 handle to challenge $1,990, descending into the 50-hour Simple Moving Average (SMA).
Despite the Wednesday backslide, Gold remains elevated, with XAU/USD up over 3% from the last swing low into the 200-day SMA near $1,931. $2,000 is proving to be a bit of a technical cap, and Spot Gold's near-term trading range will be defined by whether or not the 200-day SMA can again support any declines into $1,940.
Today closing at 1989.885, there is a strong indication that it will go bearish tomorrow at 1973.659.
Despite the Wednesday backslide, Gold remains elevated, with XAU/USD up over 3% from the last swing low into the 200-day SMA near $1,931. $2,000 is proving to be a bit of a technical cap, and Spot Gold's near-term trading range will be defined by whether or not the 200-day SMA can again support any declines into $1,940.
Today closing at 1989.885, there is a strong indication that it will go bearish tomorrow at 1973.659.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.