Gold Extends Weekly Decline, Trades Near $1,940"
Gold maintains its downward trend, trading at a new 4-week low around $1,940 USD despite a weak U.S. dollar. The metal is set to end the week with a notable decrease. The daily XAU/USD chart shows bullish attempts to surpass the 23.6% Fibonacci retracement level at $1,962.20 but forms lower highs and lows below the 20-day Simple Moving Average (SMA). Technical indicators exhibit mild bullish signals in neutral territory.
On the 4-hour chart, XAU/USD faces sellers near the declining 20-day SMA, dragging its average below the flat 100-day SMA. Breaking above these indicators could encourage buyers for higher intraday profits. Technical indicators point north within negative territory.
Support levels: $1,945.20, $1,933.20, $1,923.10
Resistance levels: $1,965.30, $1,978.30, $1,989.00
On the 4-hour chart, XAU/USD faces sellers near the declining 20-day SMA, dragging its average below the flat 100-day SMA. Breaking above these indicators could encourage buyers for higher intraday profits. Technical indicators point north within 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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