Gold's recent movements against the yearly average hinted at a promising trend above the critical resistance level of 2075/81. Despite breaching this mark in December, hitting highs at 2146, it couldn't sustain weekly or daily closures there, suggesting potential exhaustion.
Key support lies at 1935/50, marked by various indicators like Fibonacci retracements, November's lows, and the 52-week moving average. For a bullish trend continuation, a breakthrough and sustained closure above 2075/81 are crucial, targeting resistances at 2130 and 2151.
However, the failure to close above the pivotal resistance indicates a possible struggle for upward momentum in the near term. Traders anticipate potential downside movement in the coming weeks, seeking a final close above 2081 to confirm the uptrend. Managing losses around 1935 remains prudent amidst potential price surges.
With the looming US non-farm payroll report, rapid shifts in market dynamics are anticipated. Further updates on short-term technical outlooks for XAU/USD will follow once clearer insights into price movements are obtained.
Key support lies at 1935/50, marked by various indicators like Fibonacci retracements, November's lows, and the 52-week moving average. For a bullish trend continuation, a breakthrough and sustained closure above 2075/81 are crucial, targeting resistances at 2130 and 2151.
However, the failure to close above the pivotal resistance indicates a possible struggle for upward momentum in the near term. Traders anticipate potential downside movement in the coming weeks, seeking a final close above 2081 to confirm the uptrend. Managing losses around 1935 remains prudent amidst potential price surges.
With the looming US non-farm payroll report, rapid shifts in market dynamics are anticipated. Further updates on short-term technical outlooks for XAU/USD will follow once clearer insights into price movements are obtained.
