Gold Extends Weekly Decline, Hovering Around $1,940
Updated
Gold prices continue their downward trend as the U.S. market opens, with XAU/USD trading at a new four-week low near $1,940. Despite subdued demand for the U.S. dollar, the precious metal is poised to conclude the week with significant losses.
The daily chart for XAU/USD reveals speculative buyers attempting to surpass the 23.6% Fibonacci retracement level of the rally from $1,810.41 to $2,009.34, set at $1,962.20. While showing intraday positivity, the price also registers lower highs and lower lows, developing beneath the 20-day Simple Moving Average (SMA). Technical indicators are mildly bullish but remain in neutral territory.
In the short term, on the 4-hour chart, XAU/USD encounters sellers around the descending 20-day SMA, extending its slide below the flat 100-day SMA. A breakthrough above these levels would encourage buyers, leading to potential intraday profits. Meanwhile, technical indicators hint at an upward bias amid 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 reveals speculative buyers attempting to surpass the 23.6% Fibonacci retracement level of the rally from $1,810.41 to $2,009.34, set at $1,962.20. While showing intraday positivity, the price also registers lower highs and lower lows, developing beneath the 20-day Simple Moving Average (SMA). Technical indicators are mildly bullish but remain in neutral territory.
In the short term, on the 4-hour chart, XAU/USD encounters sellers around the descending 20-day SMA, extending its slide below the flat 100-day SMA. A breakthrough above these levels would encourage buyers, leading to potential intraday profits. Meanwhile, technical indicators hint at an upward bias amid 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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