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.