Gold Ends Losing Streak Near $2,060, FOMC Minutes in Focus
The daily chart for XAU/USD suggests intermittent recoveries despite limited directional momentum. This currency pair maintains its position above all its moving averages, with the 20-day Simple Moving Average (SMA) hovering around $2,034 USD, notably higher than longer-term averages. While technical indicators lean towards positivity, the Relative Strength Index (RSI) remains relatively low, constraining imminent upward movements.
In the near term and on the 4-hour chart, XAU/USD is neutral. The flat 20-day SMA limits upward trends, although the pair remains above the slightly rising 100 and 200-day SMAs. Technical indicators hover around the midpoint, signaling a lack of specific bias. Gold might extend its rise upon surpassing the $2,079.00 USD mark, where it encountered selling pressure last week.
Support Levels: $2,055.80, $2,046.10, $2,032.00
Resistance Levels: $2,079.00, $2,088.50, $2,100.00
In the near term and on the 4-hour chart, XAU/USD is neutral. The flat 20-day SMA limits upward trends, although the pair remains above the slightly rising 100 and 200-day SMAs. Technical indicators hover around the midpoint, signaling a lack of specific bias. Gold might extend its rise upon surpassing the $2,079.00 USD mark, where it encountered selling pressure last week.
Support Levels: $2,055.80, $2,046.10, $2,032.00
Resistance Levels: $2,079.00, $2,088.50, $2,100.00
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