GOLD Weekly Target
The daily chart of XAU/USD indicates a negative market sentiment dominated by bears. The Relative Strength Index (RSI) stands in positive territory above the midline but with a negative while the Moving Average Convergence Divergence (MACD) displays fading green bars, signalling exhaustion for the bulls. In the broader context, despite the bearish momentum, the price trading above the 20, 100, and 200-day Simple Moving Average (SMA) indicates that the overall trend remains to favour the bulls.
Support levels: $1,960 (100-SMA), $1,950, $1,936 (20-day SMA).
Resistance levels: $1,970, $1,987 (monthly high), $2,000.
Support levels: $1,960 (100-SMA), $1,950, $1,936 (20-day SMA).
Resistance levels: $1,970, $1,987 (monthly high), $2,000.
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